Do you own your home? Lived there for at least six months? Is it your primary residence? You may qualify for the Homestead Tax Credit.
Keep reading to learn more…
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. You must own and occupy the property as a homestead on July 1 of each year, declare residency in Iowa for income tax purposes and occupy the property for at least six months each year. The application must be filed or mailed to your city or county assessor by July 1 of the year in which the credit is first claimed. It must be postmarked by July 1.
Not sure if you have ever filed for this credit? You can find out by looking at your most recent tax statement from the Treasurer’s office. There is a credit line item titled “Homestead” if you have applied for this credit. (or you can call your county Treasurer or Assessor to find out if you are getting it) Just a reminder… once you file for this credit you do not have to refile in subsequent years as long as you maintain your same residence.
Military Exemption
The Military Exemption reduces the taxable value of the 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 at https://tax.iowa.gov/property-tax-credits-and-exemptions
Again, we hope you are enjoying your home. Anyone who purchased a home with our company in the last 12 months will be receiving a courtesy reminder letter from us regarding these credits. If there is anything we can do to assist you in any way please feel free to reach out to us at info@boleyrealestate.com or via phone: Keosauqua- 319-293-2575, Albia- 641-932-1234. We appreciate your business.
Here at Mossy Oak Properties, we want to be sure we pass along information important to you in regards to outdoor recreation, agriculture, and home. Check out more information on our Mossy Oak Properties Boley Real Estate Facebook page or on our Website found HERE. We have certified land specialists that have hunting land for sale, agricultural land for sale, and residential properties for sale.
