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Iowans age 65 or older are eligible for a property tax exemption worth $3,250 for the assessment year beginning Jan. 1, 2023. In subsequent years, the exemption doubles to $6,500. Exemptions are a reduction in the taxable value of the property, not a direct reduction of how much property taxes a homeowner pays.
558.70 Contract disclosure statement required for certain residential real estate installment sales.
How Iowa Property Taxes Work. Iowa property taxes are paid annually in two installments, due on Sept. 1 and March 1 every year (though they are not considered late until the following month). Taxes are based on two factors: the assessed value of the property and the total local tax rate.
Once the taxes are sold at tax sale to another party they are considered paid. A tax lien is then placed on the property and if the tax sale is not redeemed within the time specified by Iowa law, the tax sale certificate holder may initiate proceedings to obtain a tax deed on the property.
No later than May 1 each year, notice of the sale of property is given to the owner of the property. The property is offered at public sale on the third Monday in June. At the tax sale, bidders pay the amount due in taxes, interest and fees. In return they receive a tax sale certificate.
Failure to record a conveyance or lease of agricultural land required to be recorded by this section by the grantee or lessee within the specified time limit is punishable by a fine not to exceed one hundred dollars per day for each day of violation.
In most cases, you'll get one year and nine months, called a "redemption period," after the sale to redeem the property. (Iowa Code § 447.9.) ("Redeeming" the property means reclaiming a home you would otherwise lose through the tax sale process.)