A Real Property Tax Abatement program, referred to as Section 485e, allows for an exemption against increased property tax due to construction or improvement. The exemption applies to any increased taxes caused by an improvement to a property, and is in effect through March 1, 2004. Exemptions applied for between now and June 2002 are eligible for a 75% abatement, between July 2002 and June 2003 a 50% abatement, and between July 2003 and March 2004 a 25% abatement. The abatement is available to commercial, industrial, and residential properties. The abatement application needs to be filed with the municipal assessor.