How to use the Reductions section of the parcel to handle Exemptions, Abatements, and other adjustments to the parcel's taxable value.
The reductions section of the parcel screen in SigerTax allows you to adjust a parcels taxable value.
You can find it on the value tab of the parcel screen underneath the value section.
Click inside with a right click and choose add reduction.
This tool will help you handle situations such as abatements, charitable exemptions, homestead exemptions and all kinds of other situations that require an adjustment to the taxable value.
This list is completely customizable and you can add entries for any situation you may need.
Please note that the reduction section is not for reductions that come as a result of your appeal work. Those would go in as a separate value column. These reductions are for adjustments to the taxable value of a specific parcel.
If the reduction is calculated using a set amount or percentage, use the top two boxes and the calculated checkbox to have the system calculate the reduction for you. Good examples of this situation include a 10% abatement or a homestead exemption offering 15% and $2000.
Enter the amount and percentage to include in the calculation, and check the boxes for the jurisdictions offering it and click save. The system will calculate the reduction and enter it in the appropriate fields.
Note that the amount calculated is the amount of the reduction itself and not the new value of the parcel
Because the reduction is calculated, changes to the parcel's value will update the reduction as well.
On the taxes tab the jurisdictions affected by the reductions will have a reduction-specific code, or list of codes if there are multiple reductions to the right of the jurisdictions name.
Opening the tax record will show you how the taxable value for that particular tax record was affected by the reduction.
The system will also handle reductions that are not calculated or need to be calculated by hand.
For this situation, simply type in the amounts of the reduction you are requesting, the beginning amount, and the current or final amount.