| FARMLAND PRESERVATION CREDIT |
FARMLAND TAX RELIEF CREDIT |
| Farm real estate taxes are limited to $6,000. |
Farm real estate taxes are limited to $10,000. |
| 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 program. |
| Real estate taxes on entire acreage in exclusive agricultural zoning district or included in farmland preservation agreement may be used in computation. |
Real estate taxes on farmland only may be included in the computation. Real estate taxes on improvements must be excluded. Farm acreage does not need to be in exclusive agricultural zoning or subject to a farmland preservation agreement. |
| The amount of the credit is dependent upon the amount of the claimant's household income and the real estate taxes levied. |
The amount of the credit is a flat percentage of the real estate taxes levied. |
| Soil and water conservation standards must be met. |
No soil and water conservation standards necessary. |
| Credit may need to be repaid when the farmland is sold. |
No repayment is necessary when land is sold. |
| Schedule FC must be filed to claim credit. |
Credit is claimed on individual or fiduciary income tax return or corporation franchise or income tax return. |
