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Market Value Credits

Agricultural Market Value Credit

  • The credit applies to agricultural homesteads only
  • The credit amount is based on the taxable value of the agricultural portion of the property, excluding the value of the house, garage and surrounding one acre of land
  • The maximum credit amount is $490; all farms valued over $260,000 receive the maximum credit of $490
  • The credit amount is shown on the tax statement as a subtraction after the gross tax has been computed
  • The credit is deducted from each local government’s tax on the homestead in proportion to its share of the gross tax (excluding school referendums)
  • The credit amount by value is shown in the table below
  • The cost of the credit for taxes payable in 2020 (FY 2021) is $36.9 million
Chart of credit amount by taxable market value

December 2020