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Credits and Exemptions

Iowa law provides for a number of credits and exemptions.

It is the property owner's responsibility to apply for credits and exemptions 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. Many of these forms must be completed in the Assessor's Office.

Credit/Exemption
Time Period
Contact for Eligibility
Filing Deadline
Homestead Tax Credit
Time Period: Permanent
Eligibility Contact: Assessor
Deadline: July 1

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.

Download: Application Form
Iowa Code: Chapter 425
Military Tax Credit
Time Period: Permanent
Eligibility Contact: Assessor
Deadline: July 1

Qualification is determined based on residency, type of discharge and time served. Military veterans including Iowa National Guard and United States Reservists may qualify. Contact the County Assessors' Office for additional information. Applications must be made with the Assessor on or before July 1 of the year the exemption is first claimed. The exemption remains in effect until the property owner is no longer eligible.

Download: Application Form
Iowa Code: Chapter 426
Family Farm Tax Credit
Time Period: Permanent
Eligibility Contact: Assessor
Deadline: November 1

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.) This credit needs to be filed by November 1st at the Assessor's office. It only needs to be filed once unless the ownership or the person actively engaged in farming changes.

Download: Application Form
Iowa Code: Chapter 425A
Business Two-Tiered Assessment Limitation
Time Period: Permanent
Eligibility Contact: Assessor
Deadline: January 1

Qualification is determined by classification.  The property unit must be classified for tax purposes as Commercial, Industrial, or Railroad to qualify and not be assessed as Section 42 housing, a mobile home park, a manufactured home community, a leased land community, an assisted living facility, or primarily used or intended for use for human habitation (containing 3 or more dwelling units).  Applications are not required.  Once a property unit is eligible, the credit continues until the property is sold or until the use no longer qualifies.

Iowa Code: Chapter 441.21

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