This means any action that abates, subsides, ends, reduces, or resolves.
By abatement, it refers to any exemption/reduction on the taxes for any entity or individual. Some instances include lower tax penalties, lower tax amounts, rebates, and more. If extra taxes have been paid by any company or individual, then they can appeal for abatement from the authorities in this scenario. Abatements are thus tax relief/breaks given by authorities on specific types of assets/business activities/real estate properties.
Real estate abatement may witness the reduction of the taxes on the home for a specific duration. Those in commercial real estate may also get tax breaks. Abatements may conclude or expire after a specific time period. Abatements may also mean a lower valuation (assessed) of any property, leading to taxes coming down. Property owners may also be eligible for personal tax breaks in this regard. Abatement notices are also those given to occupiers/owners of properties and are warnings about the property violating any local regulations/laws.
