New Jersey property-tax definition
Abatement vs. exemption
An exemption removes qualifying value from taxation while an abatement generally reduces or phases the taxable obligation under a specific legal program.
Worked New Jersey example
The words are often used loosely in marketing; the actual ordinance, approval and tax treatment control.
Why it matters
Watchdog keeps the definition beside the property data so users can distinguish an observed public record from an interpretation or derived screening signal.
Official source
For homeowners
Use the term to understand what a tax or assessment record is actually saying before assuming it represents market value or a future bill.
For professionals
Keep the source and observation date with the number, verify the authoritative record, and document any calculation or professional conclusion separately.