Saturday, 8 October 2016

Term of the day: Abatement

Term of the Day

abatement

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 fireflood or other accident.
Learn more about this term
Usage Example
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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