How do I calculate abatement credits?

Owners

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.

This routine will calculate a credit abatement for each period.

Contents

Before you get started
Calculating abatement credits for personal property
Calculating credit abatement calculations for real property

Before you get started

Add the calculation for calculating abatement credits to the Calculations table. See the help topic titled How do I add a calculation?

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.

Calculation box

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

Description box

4. Click to select the Personal Property checkbox.

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.

Value for Personal Property Account.Account number

6. Click GO (CTRL+G).

The routine calculates abatement credits for personal property.

202005, 2020Apr22

Calculating credit abatement calculations for real property

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