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. Fill out the Homestead Tax Credit, 54-028 form.Return the form to your city or county assessor. Visit the Iowa Deparment of Revenue website to see a complete list of all property tax credits and exemptions, and where to apply. Online: Go to Homestead Tax Credit Eligibility Application page, and complete the online form. Filing an online application will be faster than mailing one in. 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. President Abraham Lincoln signed the Homestead Act on May 20, 1862.