abatement

Definition

The formal term for reducing, lessening, or eliminating something—usually taxes, nuisances, or pollutants. In real estate, it's the magical discount on property taxes that developers somehow always manage to secure. Think of it as the official way to say 'we're cutting you some slack,' except with legal implications and municipal paperwork.

Example Usage

The company received a ten-year tax abatement to build their new headquarters downtown, much to the neighboring property owners' dismay.

Source: Legal and tax terminology

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