ICAP

ICAP — the Industrial and Commercial Abatement Program — abates property taxes on qualifying construction and renovation of industrial and commercial buildings, with benefit levels varying by area and project type, and requirements filed and certified through the program's process. It succeeded an earlier exemption-based program whose benefits still run on older projects.

In records, ICAP benefits itemize on tax bills like the residential programs' do, with the same analytical uses: they explain current taxes, schedule future increases as benefits phase out, and document the improvement work that qualified. For industrial and commercial underwriting, the program's presence marks both a discount in effect and its expiration date.