abatement

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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
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.
benefits are provided in the form of abatements or exemptions that must have the approval of local officials, others are in the form of more user-friendly fixed or favorable statutory assessment percentages.
with the three County Commissioners of Trumbull County concerning the tax abatement granted to Android Industries, which Davis questions the logic of.
Stan and Jean Showell, who run Top Farm, will be given up to 100 per cent rent abatement under the new measures.
Given these data, it's reasonable to expect a far more even distribution of drug abatements between the two precincts than the pattern that seems to be emerging.