What is referred to as the abatement in property assessment?

The term "abatement" in property assessment refers to a reduction in the assessed value of a property, commonly applied prior to recent improvements. When improvements or changes are made to a property, this can lead to an increase in its assessed value. However, if a property has undergone significant changes that may temporarily reduce its value—due to conditions such as the property not being fully functional or undergoing substantial repair—this is regarded as an abatement. It helps in accurately reflecting the current market conditions and ensures fairness in taxation.

This understanding delineates the context in which adjustments are made based on a property's condition rather than its overall potential or newly implemented market value. The other definitions would not accurately capture the essence of what abatement signifies in property assessment.