If you purchased a new home after July 1st of last year you may qualify for tax credits. The following are a few of the tax credits and the eligibility requirements.
Homestead Tax Credit
The Homestead Credit is a tax credit funded by the State of Iowa for qualifying homeowners, and is generally based on the first $4,850 of Net Taxable Value. In the case of a Disabled Veteran Tax Credit, the value of the Homestead Credit is increased to the entire amount of the Table Value of the property.
The Military Exemption reduces the taxable value of property for military veterans. The amount of the exemption varies. Must own the property on July 1 of each claim year. A qualified veteran must claim with the local county assessor. Subsequent claims may not be filed on the same property.
Disabled Veteran Homestead Credit.
The current credit is equal to 100% of the actual tax levy. Veterans with 100% service-related disability qualify for this credit. Veterans also qualify who have a permanent and total disability rating based on individual unemployability paid at 100% disability rate.
Persons in the military or nursing homes who do not occupy the home are also eligible. A surviving spouse of a disabled veteran receiving DIC payments also qualifies.
You can sign up at the Assessor’s office of the county you live in. The deadline is July 1st of the assessment year in which the exemption is first claimed. More information on these and other exemptions can be found on the Iowa.gov website.
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