Credits & Exemptions

 

IOWA HOMESTEAD CREDIT

Description: Originally adopted to encourage home ownership through property tax relief. The current credit is equal to the actual tax levy on the first $4,850 of actual value.

Eligibility: Must own and occupy the property as a homestead on July 1 of each year, declare residency in Iowa for income tax purposes and occupy the property for at least six months each year. Persons in the military or nursing homes who do not occupy the home are also eligible.

Filing Requirements: Claim must be filed on or before July 1. Claim is allowed for successive years without further filing as long as eligible.

 


 

IOWA MILITARY EXEMPTION

Description: Reduces the taxable value of property for military veterans.

Eligibility: The amount of exemption varies. Must own the property on July 1 of each claim year.

Filing Requirements: A qualified veteran must file a claim with the local assessor by July 1. Subsequent claims need not be filed on the same property.

 


 

IOWA FAMILY FARM LAND CREDIT

Description: Credit established to partially offset the school tax burden borne by agricultural real estate. Current law allows a credit for any general school fund tax in excess of $5.40 per $1,000 of assessed value.

Eligibility: All land used for agricultural or horticultural purposes in tracts of 10 acres or more and land of less than 10 acres if contiguous to qualifying land of more than 10 acres. The owner or designated person must be actively engaged in farming the land.

Filing Requirements: Claims must be filed with the assessor by November 1. Subsequent claims are not required if ownership and designated person actively engaged in farming remain the same.

 


 

Visit the Iowa Deparment of Revenue's website to see a complete list of all property tax credits and exemptions, and where to apply.

 

 

Additional information