Dictionary of Accounting Terms: abatement
abatement
complete or partial cancellation of a levy imposed by a governmental unit. Abatements usually apply to tax levies, special assessments, and service charges.
Dictionary of Business Terms: abatement
abatement
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.
Dictionary of Real Estate Terms: abatement
abatement
a reduction in amount or intensity. Usually applies to decrease in taxes or rent.
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.
