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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
GFOA responded to the ED by: 1) encouraging the GASB to provide for a more "balanced" picture of tax abatements by incorporating information on the benefits of tax abatement programs; 2) simplifying required disclosures; and 3) providing practical help for governments that are legally prohibited from providing certain specific information on tax abatements.
* The types of commitments made by tax abatement recipients; and
Property tax abatement (abatement) is a full or partial reduction in the normal property tax liability owed by a manufacturing, commercial, or primary (agriculture, forestry, and mining) business firm for ownership of real or personal property in a state or local jurisdiction.
With TIGTA and TAS reports highlighting the IRS's inconsistent application of penalty abatement, the IRS will likely make some changes in its requirements and procedures for requesting and granting penalty abatements in the future.
Ford, 1,112 of the 2,395 abatement applications were granted and processed.
The law allows condo owners to obtain copies of tax abatement applications submitted to the City by building managers.
Meanwhile, the city is also wielding its tax policy on new abatements to incentivize more building.
A retrospective follow-up study of the effect of home lead abatements on childhood blood lead levels.
Yet even after abatement, Mitchell added, some individuals may be symptomatic.
The final report concludes that only two states shield public school funding from property tax abatements and TIFs--defined as "an exemption of the value of real property improvements" over a set number of years--and that just two states give school boards full input into decisions about these subsidies.
While states are quick to tout the availability of income tax credit incentive programs, states do not always advertise the availability of local real and personal property tax abatements, exemptions, or other property tax relief.
At the moment, it is expected the abatements last until September 29.