House File 718, the property tax overhaul signed into law this year, included a new senior homestead tax exemption and an increase in the exemption for military veterans. The Iowa Department of Revenue has updated the forms for 2023 on their website and are available for eligible Iowans.
How to File for the Senior Homestead Tax Credit and Exemption
Claimants must include their birthdate on the new form and attest that the information on the application is true, correct, and complete. A qualified claimant receiving the homestead credit must be 65 or older on or before January 1 of each assessment year to receive the exemption. The exemption for the upcoming assessment year 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.
If the exemption is granted, the exemption will be allowed for future years without additional filing, as long as the claimant continues to qualify.
This exemption is in addition to the Homestead Tax Credit.
Due: July 1 to the local assessor (must be filed or postmarked to the assessor on or before this date) Depending on the county, the form may be turned in via email, mail, or in person.
Applications can be found at the following website: https://tax.iowa.gov/sites/default/files/2023-05/HomesteadTaxCreditAndExemption%2854028%29.pdf
How to File for the Military Service Tax Exemption
The military service tax exemption is being increased to $4,000 in taxable value for assessment years on or after January 1, 2023, for a honorably separated, retired, furloughed to a reserve, placed on inactive status, or discharged veteran.
Military veterans currently receiving the exemption do not need to file a new application as long as the veteran or the veteran’s spouse is the legal or equitable owner of the property on July 1 for which the exemption is allowed.
Due: July 1 to the local assessor (must be filed or postmarked to the assessor on or before this date) Depending on the county, the form may be turned in via email, mail, or in person.
Applications can be found at the following website: https://tax.iowa.gov/sites/default/files/2022-11/MilitaryServicePropertyTax%2854146%29.pdf