abatement

noun abate·ment \ ə-ˈbāt-mənt \

|Updated on: 8 Jun 2018

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

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Recent Examples of abatement from the Web

In exchange, the state and city plan to offer $4 million in training grants and a 10-year property tax abatement, contingent on the company's future growth.

— kaitlin lange, Indianapolis Star, "Republic Airways launches pilot school at Indianapolis airport and plans to add 600 jobs," 31 May 2018
Cobb County’s development authority approved a bond package for the entire price of the grocery store, $35 million, and a 10-year tax abatement on Tuesday.

— ben brasch, ajc, "Kroger proposed in Cobb approved for $35M bond deal and a tax break," 22 May 2018
Investors are not really interested in a building without an abatement.

— josh barbanel, WSJ, "The End of a Giant Tax Break Creates Bargains in New York Condo Market," 25 Apr. 2018
In October, the town council passed a $1.4 million tax abatement to aid Lexington Properties LLC in their development of the property.

— kathleen mcwilliams, Courant Community, "Developer Eyes Expanding The Borden Proposal," 24 Apr. 2018
And if that’s not possible, lead author Manfred Lenzen of the University of Sydney suggests buying carbon abatement credits to offset the emissions.

— jason daley, Smithsonian, "Your Summer Vacation Is a Carbon Emissions Nightmare," 9 May 2018
If, following an inspection, a person is found to be in violation of the county’s code and lacks the proper permits, they are given an abatement period to fix the problem, and if not, the department issues a fine.

— kate magill, Columbia Flier, "Howard County digs into a new debate over mulching regulations," 2 May 2018
Many cities nationwide have embraced local preservation incentives — experimenting with grants and loans, zoning and parking relief, and preservation tax abatements, among other methods.

— caitlin mccabe, Philly.com, "After a months-long attempt to demolish a Bella Vista church, Ori Feibush searches for a preservationist to save it," 20 Apr. 2018
In the Webb school district, for instance, Marshall has made tax abatement deals with local wind companies that set aside a certain number of jobs for local residents, with a minimum entry-level salary requirement of $46,000.

— sarah garland, NBC News, "Workers are climbing wind turbines to the middle class," 14 Apr. 2018

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.

Origin and Etymology of abatement

Middle English, borrowed from Anglo-French, from abatre "to abate" + -ment -ment

NEW! Time Traveler

First Known Use: 15th century

in the meaning defined at sense 1

See Words from the same year

abatement Synonyms

Other Legal Terms

actionable, alienable, carceral, chattel, complicity, decedent, larceny, malfeasance, modus operandi

Financial Definition of ABATEMENT

abatement

noun

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