By: Matt Scher, matts@977thebolt.com
(KHBT) – Time is running out for eligible claimants 65 years of age and older who own the home they live in to apply for a homestead tax exemption credit.
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.
It was back on May 4 of this year when Governor Kim Reynolds signed House File 718, establishing a homestead tax exemption for claimants 65 years of age or older. 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 on the web at tax.iowa.gov or by visiting the Humboldt County Assessor’s Office at 515-332-1463 or by email at Ifallesen@humboldtcounty.iowa.gov if you have any questions.
The deadline to apply is July 1, 2023.