How_do_I_calculate_abatement_credits_

How do I calculate abatement credits?

Calculate a tax credit to reduce a taxed amount. An abatement is an amount that is abated, or reduced, from the full amount of a tax. Tax credits can partially reduce a taxed amount. Tax credits can be refundable or non-refundable. The tax payer will receive money if the tax credit is refundable. If it's non-refundable the tax payer will still need to pay taxes.

Use real property to create abatement credits for land or a piece of real estate. Use personal property to create abatement credits for a material asset, such as a car, boat, mobile home, and so on for personal or business use.

Examples:

  • Calculate a credit after a successful property value appeal reduces the assessed value.
  • Apply an abatement credit to correct taxes charged due to a clerical or assessment error.
  • Calculate a prorated credit when a tax adjustment applies to only part of the tax year.
  • Determine the credit amount associated with a newly approved exemption.
  • Verify that the correct credit is applied before updating account balances or issuing refunds.

 

By calculating abatement credits, you help ensure tax adjustments are applied accurately, maintain compliance with approved abatements, and preserve accurate financial records.

This routine will calculate a credit abatement for each period.

 

Before you get started

  • Add the calculation for calculating abatement credits to the Calculations table. (Organization > Calculations) 


Calculating abatement credits for personal property

Use personal property to create abatement credits for a material asset, such as a car, boat, mobile home, and so on for personal or business use.


Do this...

1. Open Connect Property Tax Collection > Owners > Calculate Abatement Credits.

2. Use the Calculation box to select the abatement credit calculation.

3. Use the Description box to enter a transaction description.

This is the transaction description the routine will use to create abatement credit transactions. Example: Abatement Credit

4. Click to select the Personal Property checkbox.

5. Set up the selection criteria.

You can calculate abatement credits for a personal property account by changing All to a personal property account.

6. Click GO (CTRL+G).

The routine calculates abatement credits for personal property.


Calculating credit abatement calculations for real property

Use real property to create abatement credits for land or a piece of real estate.


Do this...

1. Open Connect Property Tax Collection > Owners > Calculate Abatement Credits.

2. Use the Calculation box to select the abatement credit calculation.

3. Use the Description box to enter a transaction description.

This is the transaction description the routine will use to create abatement credit transactions. Example: Abatement Credit

4. Click to select the Real Property checkbox.

5. Set up the selection criteria.

You can apply unapplied payments for a real property account by changing All to a parcel ID.

6. Click GO (CTRL+G).

The routine calculates abatement credits for personal property.

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