The Lothian assessor agreed to the reduction for traders on Shandwick Place, where works that started in autumn 2011 to lay the way for trams are still unfinished.
About 60 traders are affected, including the owners of shops, bars and restaurants.
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City of Edinburgh Council Transport Convener Councillor Lesley Hinds welcomed the agreement.
She said: The Council has been keen to do what we can to help businesses in this part of the city so it is good to have this result.
"While the decision only applies to those traders with frontages on Shandwick Place at this stage, we are optimistic that subsequent claims from traders in other parts of the city, who have been directly affected by the tram works, should deliver rates reductions for them as well.
The council’s trams team has now written to those affected with information on how to claim the discount, which applies from autumn 2011 until scheduled completion in spring 2013.
(NE)
