Abatement

Abatement - a reduction in amount or intensity. Usually applies to decrease in taxes or rent
— Dictionary of Real Estate Terms (Barron's)

Abatement - a reduction in amount or intensity. Usually applies to decrease in taxes or rent.

Example: a manufacturing plant may install equipment for pollution abatement.

Eample: tenants may ask for an abatement in rent over a period when their use of the property has been interrupted or inhibited by actions of the landlord, such as renovation of the structure.

Example: the city of Hicksville offered ABC Industries an abatement of property taxes for 10 years if the firm would relocate its plant to Hicksville.

 

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