Abatement refers to a reduction in the amount, intensity, or duration of something. In the context of real estate, it typically applies to decreases in taxes, rents, or environmental harm.
An exemption in real estate refers to certain portions of a property's value or income that are legally excluded from taxation, lowering the overall tax burden.
A homestead exemption is a legal provision that helps reduce the amount of property taxes on domiciles owned by qualifying individuals. These exemptions can vary by jurisdiction and may provide additional benefits for certain groups such as seniors or disabled individuals.
A tax consultant is a person or firm who, for a fee, assists individuals, businesses, and property owners in reducing their tax liabilities. They provide expert advice on tax legislation, planning strategies, and potential savings. Some states may require registration or licensing for tax consultants.
