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What is the difference between an assessment and an abatement?

April 26, 2017abatement assessment

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What is the difference between an assessment and an abatement?

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An assessment refers to the property’s valuation for tax purposes; an abatement is an amount of tax forgiven or refunded for taxes already paid in prior years due to an unfair assessment.

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An assessment refers to the value placed on property for tax purposes; an abatement is an amount of tax forgiven or refunded for taxes already assessed in the current or prior year.