|Posted on 7 October, 2016 at 12:26|
Term of the Day...abatement
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.
The city of Warrensburg offered a property tax abatement to entice new homebuyers and to boost the resale value of existing homes.Usage Example
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