On May 4, 2023, Governor Reynolds signed House File 718, 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, 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) form 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.
Application forms can be found online at Homestead Tax Credit and Exemption (54-028) or by visiting the Winneshiek County Assessor’s Office. Please contact us by phone at 563-382-5356 or by email at firstname.lastname@example.org if you have any questions.
Eligibility: Must own and occupy the property as a homestead on July 1 of each year, declare residency in Iowa for income tax purposes and occupy the property for at least six months each year. Persons n the military or nursing homes who do not occupy the home are also eligible.
The annual deadline to apply is July 1.