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Tax Credits and Exemptions
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 is first claimed. Once a person qualifies, the credit continues until the property is sold or until the owner no longer qualifies. This credit reduces the value on which taxes are calculated by a maximum of $4,850. (Refer to Code of Iowa, Chapter 425)
Military Tax Exemption
To qualify for the exemption, the property owner must be a resident of Iowa, have been involved in full-time active duty during a war or conflict, or served three years of active duty or served in the Guard or Reserves for at least 20 years 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 is worth the taxes calculated on $2,778 for WWI veterans and $1,852 for all others after that time. (Refer to Code of Iowa Chapter 427)
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, uncles/aunts, nephews/ nieces). To obtain the credit, the owner must file an application for credit with the assessor by November 1. If the claim for credit is approved, no further filing shall be required provided the ownership and the designated person actively engaged in farming the property remain the same during successive years. A new application for credit shall be required only if the property is sold or the designated person changes. The owner shall provide written notice to the assessor if the designated person changes. Failure to do so shall result in the owner's being liable for the amount of the credit plus a penalty equal to 5 percent of the amount of the credit granted.
A list of several other credits/exemptions administered by the Assessor's office is available by following this link. Filing is required on them as provided by Iowa law.
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