abatement

noun abate·ment \ ə-ˈbāt-mənt \

Updated on: 14 Apr 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

See abatement defined for kids

Recent Examples of abatement from the Web

After that, the Planned Industrial Expansion Authority would consider a tax abatement.

— allison kite, kansascity, "Amenity-laden development geared at millennials planned between Plaza and Westport | The Kansas City Star," 10 Apr. 2018
Lien, however, denied knowing about the form that lead-abatement contractors were forced to sign.

— daniel bice, Milwaukee Journal Sentinel, "Head of city lead program suspended for 'immense' injustice to Milwaukee children," 9 Apr. 2018
In the current fiscal year, for example, that would mean Ku would have to put more than $260,000 into Clay Arsenal, according to the formula in the abatement.

— vinny vella, Courant Community, "Vinny Vella: After Nearly A Year Of Waiting, Clay Arsenal Tenants Need Action," 28 Mar. 2018
Susan Marie, a spokeswoman for the Arizona Commerce Authority, said Arizona will provide up to $46.5 million in job-training and tax-abatement incentives, contingent on Nikola hiring employees and investing in the facility.

— russ wiles, USA TODAY, "Truck-making Tesla rival bringing 2,000 jobs to Phoenix," 5 Feb. 2018
The state and local governments have proven willing to use tax-increment financing districts to build infrastructure, pass property tax abatements and tax credits and provide job training grants.

— chris sikich, Indianapolis Star, "5 reasons Amazon HQ2 will land in Indy (and 2 reasons why it won't)," 18 Jan. 2018
The city of Homewood in December approved a sales tax abatement for the developers, Graham & Co., to help alleviate the cost of improving the 5.5-acre site at 2800 Highway 280 for development.

— erin edgemon, AL.com, "BrickTop's plans to open first Alabama restaurant in June," 9 Jan. 2018
FedEx had applied for property tax abatements worth $17.2 million over a 10-year period from Greenwood.

— james briggs, Indianapolis Star, "After crediting tax cuts for new investment, FedEx cancels plan for Greenwood hub," 24 Mar. 2018
Last year, Fort Worth offered Smith & Nephew a five-year abatement on 55 percent of its property taxes — worth an estimated $530,000 — in exchange for the company's commitment to expand.

— gordon dickson, star-telegram, "Firm that makes high-tech products to treat wounds is hiring in Fort Worth | Fort Worth Star-Telegram," 22 Mar. 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

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First Known Use: 15th century

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