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1
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 long as the homeowner continues to qualify for the exemption and/or credit. It is suggested to take the application to the assessor's office in person for verification of age. For qualifying veteran homeowners, the recent legislation more than doubled the military service property tax exemption amount from $1,852 to $4,000. If you are currently receiving the exemption, you do not have to re-apply, the exemption amount will adjust to the new amount for 2023 property tax assessment year. New applications are due by July 1st as well. For more information and details, please visit the Iowa Department of Revenue website or talk with a local Ruhl&Ruhl real estate professional.
Informational Links:
Iowa Department of Revenue news release: https://tax.iowa.gov/idr-announces-homestead-tax-exemption-claimants-65-years-age-or-older
Homestead Tax Credit and Exemption Application (54-028): https://tax.iowa.gov/forms/homestead-tax-credit-and-exemption-54-028?utm_medium=email&utm_source=govdelivery
Military Service Property Tax Exemption Application (54-146a): https://tax.iowa.gov/forms/military-service-property-tax-exemption-54-146
Iowa Department of Revenue list of tax credits and exemptions: https://tax.iowa.gov/tax-credits-and-exemptions
House File 718: https://www.legis.iowa.gov/legislation/BillBook?ga=90&ba=HF718
