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What does understate mean?

Looking for the meaning or definition of the word understate? Here's what it means.

Verb
  1. To state something with less completeness than needed; to minimise or downplay.
  2. To state something with a lack of emphasis, in order to express irony.
  3. To state a quantity that is too low.
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Examples
It is increasingly common for the rich to understate the value of gifts in order to avoid paying taxes on property passed on to heirs.
It's possible that these writers have a different syntactic frame for the verb understate.
To say this book caused a sensation is to understate its impact.
Plant managers often willfully understate actual capacity so as to be given easily fulfillable production targets.
Never one to underestimate or understate her own judgements, she feels that China is communist and calls a red a red.
If the consumer price index sometimes overstates inflation, as some have argued, that could understate progress against poverty.

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