Business Glossary

complete or partial cancellation of a levy imposed by a governmental unit. Abatements usually apply to tax levies, special assessments, and service charges.

In general:lessening or reduction.
Law:either a termination or a temporary suspension of a lawsuit. An abatement of taxes is a tax rebate or decrease.

a reduction in amount or intensity. Usually applies to decrease in taxes or rent.

Example:A manufacturing plant may install equipment for pollution abatement.

Example: Tenants may ask for an abatement in rent over a period when their use of the property has been interrupted or inhibited by actions of the landlord, such as renovation of the structure.

Example: The city of Hicksville offered ABC Industries an abatement of property taxes for 10 years if the firm would relocate its plant to Hicksville.