Posts from June 1st, 2023
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Iowa Enacts Additional Property Tax Relief Measures
Recent legislation established a homestead exemption for eligible homeowners 65 and older. In addition to the existing homestead tax credit, those 65 and older by January 1 of the property tax assessment year are now also eligible for the exemption. The exemption reduces the taxable value of the property as opposed to the credit which is a direct reduction of taxes paid. The amount of the exemption is $3,250 for 2023 and increases to $6,500 for 2024 and subsequent years. To apply for both the homestead exemption and tax credit, use the amended Homestead Tax Credit and Exemption Application (54-028) on the Iowa Department of Revenue website. An application for the new exemption is due by July 1 of the tax year to the applicant's local city or county assessor, even if the homeowner has previously been approved for the credit. Once the application is approved, no further filing is required in subsequent years as lon...
