abatement

(redirected from Abatements)
Also found in: Dictionary, Thesaurus, Medical, Legal, Encyclopedia.

Abatement

A decrease in the amount one owes in taxes. Abatement may come from a tax cut, a rebate, or a reduction in penalties or interest one owes on previous taxes.

abatement

A reduction or decrease.Local governments sometimes offer tax abatements to new businesses in order to attract them to the area.Commercial leases usually have clauses denying rent abatement if the leased property is partially destroyed and then rebuilt and made usable again.
References in periodicals archive ?
Quantitative threshold used to trigger disclosure of individual tax abatements.
The types of commitments made by tax abatement recipients; and
Since personal property by definition is more mobile than real property, abatements granted to property tax payments on personal property, property improvements, and property exclusive of land value, should help identify abatement in a form that is less likely given to a property activity that would have occurred absent abatement.
However, as the TAS noted in its 2010 report, the total number of penalty abatements has decreased as the number of penalties assessed has increased, demonstrating that penalty relief options, including FTA, are not fulfilling their intended purpose of encouraging compliance.
WORCESTER - City assessors have acted on more than half of the 2,395 real estate abatement applications that were filed for last fiscal year, and have already inspected the properties of roughly 86 percent of the total applications.
The law allows condo owners to obtain copies of tax abatement applications submitted to the City by building managers.
Rather than use the tax abatements as an incentive to build, they're using it as a plug for a budget gap," said Steve Fulop, a city councilman.
Homes where abatements had not been initiated at follow-up were used as controls, as compared with abated homes.
Yet even after abatement, Mitchell added, some individuals may be symptomatic.
By contrast, most property tax benefits are granted at the local level in the form of longer-term tax abatements, exemptions or other tax reductions that the new business would otherwise have to pay.
County council officers working to tackle the outbreak bought a table of urgent measures to yesterday's cabinet meeting that could see directly- infected farms owned by the county council getting up to 100 per cent rent abatement.
Almost all of the county's drug nuisance abatements since 1988 have resulted in arrests of property owners involved directly in drug-related activities.