ABATEMENT

n. decrease, reduction, lessening, subsiding; reduction in some a sum that is owed (Law); suppression, annulment (Law); reduction of taxation faced by a company or person (Finance)

Abatement may refer to:Abatement of debts and legacies, a common law doctrine of wills that holds that when the equitable assets of a deceased person are not sufficient to satisfy fully all the creditors, their debts must abate proportionately, and they must accept a dividend.Abatement in pleading, a legal defence to civil and criminal actions based purely on procedural and technical issues involving the death of parties and changes in their statusAbatement (heraldry), a modification of the shield or coat of arms that supposedly can be imposed by authority (in England supposedly by the Court of Chivalry) for misconduct.Bird abatement, driving or removing undesired birds from an area.Dust abatement, the process of inhibiting the creation of excess soil dust, a pollutant that contributes to excess levels of particulate matter.The process of putting an end to, or reducing, the amount of harmful substances such as Asbestos.Tax Abatement (aka Tax holiday) is used in the field of economic development to encourage businesses to relocate, expand, and more currently to retain facilities in a community by means of lowering the local property taxes due to a local taxing authority. This in effect reduces the cost of operations over- typically- a 10-20 year horizon.Rent abatement is the process by which a court determines if the amount of rent that you pay should be lowered because there were conditions which made your apartment uninhabitable (unlivable).
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Noun
1. an interruption in the intensity or amount of something
(synonym) suspension, respite, reprieve, hiatus
(hypernym) interruption, break
(hyponym) defervescence
(derivation) abate, let up, slack off, slack, die away
2. the act of abating; "laws enforcing noise abatement"
(hypernym) moderation
(hyponym) abatement of a nuisance, nuisance abatement

(n.)
The entry of a stranger, without right, into a freehold after the death of the last possessor, before the heir or devisee.
  

(n.)
The amount abated; that which is taken away by way of reduction; deduction; decrease; a rebate or discount allowed.
  

(n.)
The act of abating, or the state of being abated; a lessening, diminution, or reduction; removal or putting an end to; as, the abatement of a nuisance is the suppression thereof.
  

(n.)
A mark of dishonor on an escutcheon.
  

A reduction in some amount that is owed, usually granted by the person to whom the debt is owed. - (read more on Abatement)