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Why was my farmland preservation tax credit reduced to the Principal Residence Exemption (P.R.E.) or Qualified Agricultural exemption percentage indicated on my property tax statement(s)?

Why was my farmland preservation tax credit reduced to the Principal Residence Exemption (P.R.E.) or Qualified Agricultural exemption percentage indicated on my property tax statement(s)?

Your local taxing authority determines the P.R.E. or Qualified Agricultural Exemption.  Property taxes on land not eligible for either the P.R.E. or Qualified Agricultural Exemption usually are not eligible for a farmland preservation tax credit.  Your eligible percentage is listed on your property tax statements. 

The exception is rental property where the tenant participates in the farming operation at least 1,040 hours per year.

If you disagree with your exemption, please contact your local taxing authority.