Edited release
05/18/23
A new Homestead Tax Credit is available for homeowners 65 and older.
The credit was established earlier this month when Governor Reynolds signed the Homestead Tax Exemption legislation.
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, 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.
To apply for the new exemption, visit the County Assessor’s Office at the Administration Building, 913 S Dubuque Street, Iowa City, or download a form from the Department of Revenue’s Website and mail it in.
A link to that form:
https://tax.iowa.gov/sites/default/files/2023-05/HomesteadTaxCreditAndExemption%2854028%29.pdf
Applications are due July 1, 2023. If the exemption is granted, the exemption will be allowed for future years without future filing as long as the claimant continues to qualify.
More information is available by calling 319-356-6078..