Governor Reynolds Signs New Homestead Tax Exemption for Individuals 65 or order.
posted 5/23/2023 in
On May 4, 2023, Governor Reynolds signed House File 718, establishing a homestead tax exemption for individuals 65 or older.
In addition to the homestead tax credit, eligible if you own the home you live in and are 65 years of age or older on or before January 1 of the assessment year, you are now eligible for a homestead tax exemption. The exemption for the assessment year beginning on January 1, 2023, is for $3,250 of taxable value. The exemption for assessment years beginning on or after January 1, 2024, is for $6,500 of taxable value. An exemption is a reduction in the property's taxable value rather than a direct reduction in the amount of property tax you pay.
Applications are due July 1. If the exemption is granted, the exemption will be allowed for future years without future filing as long as you continue to qualify. To claim the new exemption, complete the form from the link below and take it to your local assessor's office. You'll also be asked to give your date of birth and certify the information on the form is correct.
To find the form, visit https://tax.iowa.gov/forms/homestead-tax-credit-and-exemption-54-028?fbclid=IwAR2TdfxnQnziYtLznlYNtjGQZwT5wCAjY8gI4_n_SEGkanU2LTnhjR5Brw0