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. (Refer to Code of Iowa, Chapter 425)
MILITARY SERVICE TAX EXEMPTION
Iowa residents who meet one of the following service requirements are eligible
for the exemption:
1. Honorably discharged veteran who served in eligible service period.
2. Honorably discharged veteran who served for fewer than eighteen months
because of a service related injury.
3. Former member, or member who is currently serving, of Reserve Forces or Iowa
National Guard who has served at least 20 years.
4. Member of Reserve Forces or Iowa National Guard who was activated for Federal
duty, not including training for a minimum or 90 days.
5. Former member of the Armed Forces whose enlistment would have occurred during
the Korean Conflict but chose to serve 5 years in the Reserve Forces.
Application must be made with the Assessor on or before July 1 of the year the
exemption is first claimed. The applicant must be a resident of the state of
Iowa. The military certificate of satisfactory service, order transferring to
inactive status, reserve retirement, order of separation from service or
honorable discharge must be recorded in the office of the county recorder.
Members of the Reserve Forces or Iowa National Guard who have served at least 20
years and continue to serve shall record the veteran's retirement points
accounting statement issued by the armed forces of the United States, the state
adjutant general, or the adjutant general of any other state. The exemption from
taxation is $2,778 for WWI veterans and $1,852 for all other service periods. If
the qualified veteran does not claim the exemption the spouse, unmarried widow(er),
minor child or widowed parent may be eligible to claim the exemption. (Refer to
Iowa Code Chapter 426A)
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.) Beginning July 1, 2001, this tax credit went to a one-time
signing. New applications for family farm tax credit are to be filed with the
Assessor on or before November 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. Applications are taken in the Assessorís office.
(Refer to Code of Iowa Chapter 425A)
Following is a list of several other credits/exemptions administered by the
Assessorís office. Filing is required on them as provided by Iowa law.
and Stream Banks
Room School House
Property Tax Credit