Treasury is reviewing the recently enacted tax law changes, including the new Marijuana Wholesale Tax. Developing clear and accurate information for tax stakeholders is our top priority. This guidance will be posted to our website in the coming weeks.
I reduced my property taxes to the percentage of Principal Residence Exemption (P.R.E.)/Qualified Agricultural exemption, but still received the message the property taxes were reduced for credit. Why were they reduced further?
Verify you have subtracted the school operating taxes levied on the non-P.R.E./Qualified Agricultural portion of your parcel. To compute the taxes which can be claimed for credit, exclude the school operating tax and multiply the balance by the percentage allowed by the local taxing authority.