Each state — and even each county — can make its own rules about who qualifies for a homestead exemption and how much it is. In most cases, people with “permanent and total disability”, veterans, seniors (people 65 and older) and the surviving spouses of veterans can qualify if they have limited income.

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. Claimants are able to file a claim for this exemption on the same form as the claim for credit.

You must live in the home to qualify for the tax break. Some states exempt a certain percentage of a home's value from property taxes, while other states exempt a set dollar amount. If your state uses a percentage method, the exemption will be more valuable to homeowners with more valuable homes.

To Apply: Applications can be made in person or online by way of the tax credit links at the bottom of a property report. New applications for homestead tax credit are to be filed with the Assessor on or before July 1 of the year the credit is first claimed.

Homeowners who are 65 or older AND a qualifying veteran are eligible for both the military exemption and the homestead tax exemption. If you have a spouse who is also over age 65, only one 65 and over homestead exemption is allowed per property. Applications are available on the Iowa Department of Revenue website.

To be eligible, a homeowner must occupy the homestead any 6 months out of the year, but must reside there on July 1. This exemption is a reduction of the taxable value of their property amounting to a maximum $4,850 or the amount which does not allow the taxable value to be less than 0.

The Homestead Credit is calculated by dividing the homestead credit value by 1,000 and multiplying by the Consolidated Tax Levy Rate. That amount may then be reduced by the county to the same amount at which the State of Iowa has approved funding. For more information, please call the Auditor's Office at 563-245-1106.

Filing for Your Homestead Exemption Fill out the Homestead Tax Credit, 54-028 form. Return the form to your city or county assessor. This tax credit continues as long as you remain eligible. Applications are due by July 1 for the current tax year.

More info

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? Iowa law provides for a number of credits and exemptions. The Iowa Department of Revenue has amended the Homestead Tax Credit and Exemption form (54-028) to allow claimants to apply for the new exemption. Pre-populated Homestead Tax Credit Application Forms are available to be printed from within your parcel on our website. Find a CenterWell Pharmacy location near you. If you live near one of our on-site pharmacies, you can view the address here.

Homestead Act Tax Credit Form Iowa In Hillsborough

Description

Related forms

Viewed forms

Show more info

Form Rating

Form popularity

FAQ

Who qualifies for the homestead credit?

How much does the homestead exemption save you in Iowa?

How do you qualify for the homestead credit?

How to apply for homestead credit in Iowa?

At what age do seniors stop paying property taxes in Iowa?

What qualifies you for the homestead credit?

How does homestead exemption work in Iowa?

How to calculate Iowa homestead tax credit?

What is the form for the homestead tax credit in Iowa?

More info

Trusted and secure by over 3 million people of the world’s leading companies