Tax Reduction

Abatement
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.
Exemption in Real Estate
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.
Homestead Exemption
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.
Tax Consultant
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.

Real Estate Lexicon

With over 3,000 definitions (and 30,000 Quizes!), our Lexicon of Real Estate Terms equips buyers, sellers, and professionals with the knowledge needed to thrive in the real estate market. Empower your journey today!

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