Always looking for more real estate tax credits?
Well, if you are 65 or older, this information is for you!
The Iowa House just passed a bill for that assists in helping with the financial tax burden for individuals 65 and older and helps support their financial well being.
Curious on how much of a credit it is? 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 not a direct reduction in the amount of property tax you pay.
- Must be at least 65 by January 1st of the year they apply
- Must occupy the property as their primary residence
- Must apply by July 1st
The good news is that once you apply, you don’t have to apply every year unless something changes.
Looking to find out how to apply? Go online HERE to fill out the form and deliver to the Assessor or stop by the county Assessor’s office of the county in which the property is located to sign up. Once you sign up once, it is on the property for as long as you own that property! The deadline is July 1st, so don’t delay and sign up today!