Whats the difference between farmland preservation credit and farmland tax relief credit?
FARMLAND PRESERVATION CREDIT FARMLAND TAX RELIEF CREDIT Farm real estate taxes are limited to $6,000. Farm real estate taxes are limited to $7,894. Prior year farm property taxes must be paid in full unless an alternative method of computing the credit is used. Prior year farm property taxes must be paid in full. Individual claimant may not claim Homestead Credit. Individual claimant may claim Homestead Credit. Farmland must meet gross profits requirement of $6,000 gross farm profit in current year or $18,000 gross farm profit for current year and two immediately preceding tax years unless at least 35 acres are enrolled in a conservation reserve program. There is no gross profit requirement when an alternative method of computing the credit is used. Farmland must meet gross profits requirement of $6,000 gross farm profit in current year or $18,000 gross farm profit for current year and two immediately preceding tax years unless at least 35 acres are enrolled in a conservation reserve p
FARMLAND PRESERVATION CREDIT FARMLAND TAX RELIEF CREDIT Farm real estate taxes are limited to $6,000. Farm real estate taxes are limited to $8,333. Prior year farm property taxes must be paid in full unless an alternative method of computing the credit is used. Prior year farm property taxes must be paid in full. Individual claimant may not claim Homestead Credit. Individual claimant may claim Homestead Credit. Farmland must meet gross profits requirement of $6,000 gross farm profit in current year or $18,000 gross farm profit for current year and two immediately preceding tax years unless at least 35 acres are enrolled in a conservation reserve program. There is no gross profit requirement when an alternative method of computing the credit is used. Farmland must meet gross profits requirement of $6,000 gross farm profit in current year or $18,000 gross farm profit for current year and two immediately preceding tax years unless at least 35 acres are enrolled in a conservation reserve p
