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What does potential penalty abatement mean?

Potential penalty abatement means the possibility that the amount of a penalty might be reduced.


What is residential tax abatement?

A residential tax abatement typically refers to a type of homestead exemption. In many states in the United States (but not all) a property owner's primary residence (you can't have more than one primary residence and you need to occupy the home at least so many months each year) can qualify for either a reduced real estate assessment or reduced property taxes. In some states you need to be 65 or over to qualify, so be sure to check with your local assessor or tax collector about the specific qualifications for the abatement you are seeking.


Need a letter to IRS to request abatement of penalties for taxes paid in full?

You must have "reasonable cause" for the IRS to abate any penalties. You must build your case based on the above. check irs.gov


What is the difference between fixturization period and rent abatement period?

A Fixturization period is time allowed to access a leased space for construction and store build out. Normally you will see a 5 year lease commencing after a 3 month fixturization period. i.e. tenant has possession of the space for 63 months Rent abatement is any free or discounted rent given within a lease term. i.e. 3 months of free rent. Always ask for 6 months of free rent and negotiate from there.


What does enacted tax rate mean?

The enacted tax rate is the rate that is set by the governing body. Before a tax rate becomes enacted, the governing body usually proposes a rate and holds public meetings where people can speak about the rate.