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. To qualify for homestead credit, owners must reside at the property for at least six months of the year. July 1st is the annual sign-up deadline. New applications for homestead tax credit and exemption are to be filed with the Assessor on or before July 1 of the year the credit is first claimed. Application for Property Tax Exemption. Address: City: State: ZIP: Phone: Answer these questions to determine eligibility: 1. Are you currently an Iowa resident? Iowa residents who own and occupy their dwelling and the land it is located on may file for homestead credit.