Exemptions and Credits
Iowa law provides for a number
of credits and exemptions. It is the property owner's
responsibility to apply for these as provided by law. It is also
the property owner's responsibility to report to the Assessor
when they are no longer eligible for any credit or exemption
they have applied for. Following is a list of several credits
and exemptions available in Iowa.
Homestead Tax Credit
To qualify for the credit, the
property owner must be a resident of Iowa and occupy the
property on July 1 and for at least six months of every year.
New applications for homestead tax credit are to be filed with
the Assessor on or before July 1 of the year the credit if first
claimed. Once a person qualifies, the credit continues until the
property is sold or until the owner no longer qualifies. This
credit is calculated by multiplying $4,850 by the appropriate
levy rate. (Refer to Code of Iowa, Chapter 425)
Military Tax Exemption
To qualify for the exemption,
the property owner must be a resident of Iowa, must have been on
active duty for other than training during a war or conflict,
and have been honorably discharged. New applications must be
made with the Assessor on or before July 1 of the year the
exemption is first claimed. As with the Homestead Tax Credit,
the exemption remains in effect until the property owner is no
longer eligible. This exemption reduces the taxable value by
$2,778 for WWI veterans and $1,852 for veterans serving during
designated periods after that time. (Refer to Code of Iowa
Chapter 426) NOTE: Reservists, National Guard, and others may
qualify under certain circumstances.
Family Farm Tax Credit
This is a tax credit on
agricultural tracts of land 10 acres or more that are farmed by
the owner or immediate family members (this includes
brothers/sisters, sons/daughters, grandchildren, great
grandchildren, uncles/aunts, nephews/nieces.) There is an annual
signup period for this credit until November 1st of each year.
Applications are taken in the Assessor's office. (refer to Code
of Iowa Chapter 425A)
Other Exemptions and Credits
Following is a list of several
other credits/exemptions administered by the Assessor's office.
Filing is required on them as provided by Iowa law.