Legal definition of abatement
Commercial Real Estate Legal Terminology

abatement

1
A diminution, decrease or easing of something.

Abatement refers to a reprieve from or reduction in a debt, tax or other payment obligation faced by an individual or company.

In Real Estate, tax abatement is used by cities as an incentive to encourage the redevelopment of distressed areas by providing real property tax abatement for 10 or 15 years.

Abatement of rent: If a building is destroyed by fire, flood or other accident, a renter usually granted abatement from making rental payments.
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