Hi there, I'm trying to confirm how to adjust my property tax entries in Turbo Tax for the Senior Circuit Breaker Tax Credit for Massachusetts because I have more than 1 acre of land. My Property Tax bill shows both the Land Value and the Building Value, and says I have 1.97 acres of land. Since there is a requirement to only enter the value up to 1 acre, then my GUESS is that I should divide the Land Value shown by 1.97 acres, and then add that new Land Value total to the Building Value. Then I divide that new Total Taxable Value by 1,000, and finally multiply that number by the Residential Tax Rate which is also listed on my bill.
When I enter the values exactly as they are on my Tax Bill (for the full 1.97 acres) I qualify for this tax credit and would get a refund of a few hundred bucks. But when I adjust it as described above, I no longer qualify for the tax credit, as the amount I paid in tax is reduced.. I think its odd that this tax credit only applies to property tax paid for 1 acre, even if I meet all other eligibility requirements. I tried calling my local Board of Assessors for help with this question but as expected they suggested I need a tax expert to answer. Thanks in advance for any info!
