Fill out the Homestead Tax Credit, 54-028 form. Return the form to your city or county assessor.Eligible claimants who are 65 years of age or older on or before January 1 of the assessment year are now eligible for a homestead tax exemption. Address: City: State: ZIP: Phone: Answer these questions to determine eligibility: 1. Are you currently an Iowa resident? The Homestead Credit is available to all homeowners who own and occupy the residence. The application for the exemption under Tax Code Section 11.132 is Form 50-114, Residence Homestead Exemption Application (PDF). All eligible facilities must submit Form 50-844, the application. The Iowa Department of Revenue has amended the Homestead Tax Credit and Exemption to allow claimants to apply for the new exemption. , we told you that Bloomberg News had credible information that the popular fabric and craft supply retailer was close to filing bankruptcy.