What does abatement mean?

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 …

What is an example of abatement?

An abatement is a reduction or an exemption on the level of taxation faced by an individual or company. Examples of an abatement include a tax decrease, a reduction in penalties, or a rebate.

Does abatement mean reduction?

Abatement is defined as the interruption or end of something. An example of abatement is when a court case is stopped due to the termination of a law suit. The amount lowered; a reduction. A lessening or reduction.

What is the synonym of abatement?

Some common synonyms of abate are ebb, subside, and wane. While all these words mean “to die down in force or intensity,” abate stresses the idea of progressive diminishing.

What does abatement mean in real estate?

An abatement is a decrease in the assessed valuation of a property resulting in a reduction in the yearly real estate taxes. An exemption is a reduction or credit towards the real estate taxes due for a property because of the owner(s)’ qualifying for one of several available personal exemptions.

What is environmental abatement?

Abatement and remediation are separate but distinct types of environmental services. Abatement is the removal of a contaminant from a site or encapsulating it in a way that it no longer poses a risk.

How does an abatement work?

Tax abatement programs reduce or eliminate the amount of property tax owners pay on new construction, rehabilitation, and/or major improvements. They won’t completely eliminate your property tax bill—you’ll still have to pay taxes on the value of the property before it was improved. But the savings can be substantial.

What does abatement mean in construction?

Abatement involves removing the problem from the structure or encapsulating it in such a way that it no longer causes harm to others. Either way the first step is to seal off that area of the building. The best way to do that is to hang sheets of polyethylene and secure it with a polyethylene tape.

Which word is opposite of Abate?

OPPOSITES FOR abate 1, 6 increase, intensify.

Why would buyers want to know whether a property is currently experiencing a tax abatement?

Why would buyers want to know whether a property is currently experiencing a tax abatement? Buyers don’t want to know whether a property is experiencing a tax abatement. The current tax amount will be indicative of future years’ taxes. Their taxes are likely to increase when the abatement period ends.

What is pollution abatement?

Pollution abatement refers to technology applied or measure taken to reduce pollution and/or its impacts on the environment. The most commonly used technologies are scrubbers, noise mufflers, filters, incinerators, waste—water treatment facilities and composting of wastes.

What is set off and abatement?

Abatement is an issue that should be raised at the valuation stage, or at the latest when the payment notice is required to be given, whereas set-off should be raised via a valid withholding notice issued at the relevant time.