abatement

Definition

A reduction in or reprieve from a tax, debt or any other payment obligation. An abatement is sometimes included in a contract, for example abatement of rent in the event that a building is destroyed by fire, flood or other accident.

Use abatement in a sentence

The city of Warrensburg offered a property tax abatement to entice new homebuyers and to boost the resale value of existing homes.

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There would be an abatement and that made me very unhappy and uninterested to know because it did not effect me.

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As I was reading through my contractual agreement for the apartment I was renting, it mentioned there was a abatement in the costs.

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