By: Matt Scher, [email protected]
Dakota City, IA – The Humboldt County Board of Supervisors approved the 2023 New Homestead and military applications and cancellations for this year with County Assessor Linda Falleson.
850 new applications were sent in for the homestead tax exemption by eligible claimants 65 years of age and older who own the home they live in. The application deadline for this year had been July 1 for this year.
The applicants that were approved receive an extra $3250 exemption of their valuations for the 65-year and older exemption. The next year will see the $3250 figure rise to $6500.
The military credit will rise from $1850 this year to $4000 off a person’s valuation for the upcoming year. There are currently 456 military members registered for the tax exemption in Humboldt County.
From the exemptions, it was discussed that the County would see valuations of the exempted home owners decrease over $2.7 million. Based off the State of Iowa’s rollback from a year ago at 56 percent, the loss in valuations would be projected at $1.5 million which translates into approximately $46,000 in lost tax revenue for the county due to the exemptions, leaving the possibility for the counties’ levy to be adjusted next year to make up for the loss.