abatement

abate·ment | \ ə-ˈbāt-mənt

Definition of abatement

1 : the act or process of reducing or otherwise abating something abatement of pollution : the state of being abated a storm continuing without abatement [=without weakening]

2 : an amount abated especially : a deduction from the full amount of a tax … devised tax credits, refunds, and abatements to benefit private corporations … — William Greider

Synonyms & Antonyms More Example Sentences Learn More about abatement

Keep scrolling for more

Examples of abatement in a Sentence

Recent Examples on the Web While the tax-increment financing package won’t affect revenues to Cleveland schools, the abatements cover taxes charged by all entities as a result of the housing improvements. — Robert Higgs, cleveland, "Cleveland Mayor Frank Jackson OKs incentives to aid development of nation’s tallest timber-framed structure near West Side Market," 13 Feb. 2020 But the abatements equaled only 0.7% of all property taxes paid by residential properties. — Randy Tucker, Cincinnati.com, "'Somebody's gotta pay.' Tax-exempt property climbing in county, leaving others to pay taxes," 30 Jan. 2020 Early buyers may have overlooked inflated prices, because the abatement kept their monthly carrying costs relatively low. — New York Times, "The Taxman Cometh for Some Condos," 6 Dec. 2019 The abatement will save Energizer roughly $4.5 million in property taxes over 10 years. — Elizabeth Depompei, Indianapolis Star, "Energizer is bringing 440 jobs to Franklin, and getting a hefty tax abatement," 29 Nov. 2019 The abatement works by freezing property taxes at their current, pre-renovation value. — Jc Reindl, Detroit Free Press, "Detroit uses landlord subsidy to save renters from gentrification," 4 Nov. 2019 The abatement would ease some of the leasing and renovation costs, Coons said. — Kenneth R. Gosselin, courant.com, "Long-vacant state office tower in Hartford ⁠— once studied for ‘sick building’ syndrome ⁠— has a buyer," 15 Aug. 2019 But Attorney General Karl Racine determined that the legislation authorizing the abatement did not allow the developer to deviate from the requirements. — Paul Schwartzman, Washington Post, "A $46 million tax break at risk over the meaning of ‘construction worker’," 24 June 2019 Once the abatement terminates, the facility will pay $127,844 annually in property taxes. — Amy Lavalley, chicagotribune.com, "Officials expect differences in Valparaiso building projects to lure tenants," 17 June 2019

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'abatement.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

Keep scrolling for more

Learn More about abatement

Dictionary Entries near abatement

Statistics for abatement

Last Updated

18 Feb 2020

Cite this Entry

“Abatement.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/abatement. Accessed 28 Feb. 2020.

Keep scrolling for more

More Definitions for abatement

abatement

noun

Financial Definition of abatement

What It Is

An abatement is a reduction in a tax rate or tax liability.

How It Works

Property taxes are a common subject of abatement (though the term is often used when discussing overdue debt). For example, John Doe owns a house and owes $4,000 in property taxes for the year. John's house is very old, and he is able to have it added to the National Register of Historic Places because Thomas Jefferson once slept there. As a result, the county gives him an abatement, reducing his taxes to only $500.

Why It Matters

Municipalities often grant abatements to incent people to do certain things with property: take action to revitalize a struggling neighborhood, restore a historic place, operate a business or nonprofit organization, or conduct another activity that improves the community as a whole.

Source: Investing Answers

abatement

noun

abate·ment | \ ə-ˈbāt-mənt

Legal Definition of abatement

1 : the act or process of abating or the state of being abated challenged the abatement of her bequest abatement of a private nuisance by self-help— W. L. Prosser and W. P. Keeton

2 : an amount abated : deduction especially : a deduction from the full amount of a tax

in abatement

: subject to termination because of a formal or procedural defect there shall be no reversal in the Supreme Court…for error in ruling upon matters in abatement — U.S. Code

Keep scrolling for more