[Tall-Corn] Home Owners over 65 years of age

[bray at nfbi.org]

Greetings, The Iowa Legislature passed a new exemption for property taxes
for those of us who are over 65 and own a home. Here is what GOOGLE told me
about it this morning. Remember where it mentions Polk county any county may
be substituted. Also of course the phone numbers will be different depending
on where you are.

 

 

Bob Ray

 


Homestead Credit


The homestead tax credit is intended to provide tax relief for those who own
and occupy a home in Iowa.

On May 4, 2023, Governor Reynolds signed House File 718
<https://www.legis.iowa.gov/legislation/BillBook?ga=90&ba=HF718> ,
establishing a homestead tax exemption for claimants 65 years of age or
older.

In addition to the homestead tax credit, eligible claimants who own the home
they live in and are 65 years of age or older on or before January 1 of the
assessment year are now eligible for a homestead tax exemption.

For the assessment year beginning on January 1, 2023, with taxes payable
September 2024 and March 2025, the exemption is for $3,250 of taxable value.
For assessment years beginning on or after January 1, 2024, the exemption is
for $6,500 of taxable value. An exemption is a reduction in the taxable
value of the property rather than a direct reduction in the amount of
property tax you pay.

The Iowa Department of Revenue has amended the Homestead Tax Credit and
Exemption (54-028) to allow claimants to apply for the new exemption.
Applications are due July 1 to your local assessor. If the exemption is
granted, the exemption will be allowed for future years without future
filing as long as the claimant continues to qualify.


Eligibility


* Any person who owns a home and occupies his or her home

o    Types of Ownership
<https://www.assess.co.polk.ia.us/cgi-bin/web/tt/info.cgi?tt=adjustments/sum
mary/HSC_qualify> 

* The owner must occupy the dwelling as a home on July 1 of the year for
which the credit is claimed


Filing Requirements


* Owner must complete the application by July 1st.

* If July 1st falls on a weekend, the deadline is extended to the following
business day.

o    Only one of the title holders needs to apply

*  The application can be completed in person

*  Office is located at 111 Court Ave. Room 195

*  Office hours are 7:00 a.m. - 5:00 p.m. Monday - Friday

*  If the application is not completed in person you can verify that it was
received and print a copy of the completed application from our website.

*  The application can be submitted by mail to the address below

*  Polk County Assessor, 111 Court Ave Rm 195, Des Moines, IA 50309

*  The application can be submitted by email to credits at assess.co.polk.ia.us
<mailto:credits at assess.co.polk.ia.us> 

*  The application can be submitted by fax to 515-286-3386

 

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