Sunday Talk: Rowley and the Senior Homestead Tax Credit

House File 718, the property tax relief signed into law this session included a new senior homestead tax exemption and an increase in the exemption for military veterans. The Iowa Department of Revenue has updated the forms for 2023 on their website and are available for eligible Iowans. A qualified claimant receiving the homestead credit must be 65 years of age or older on or before January 1 of each assessment year to receive the exemption. This exemption is in addition to the Homestead Tax Credit. The exemption for the upcoming assessment year 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. If the exemption is approved, it will be allowed for future years without additional filing, as long as the claimant continues to qualify.

DUE: July 1 to the local assessor (must be filed or postmarked to the assessor on or before this date)

Depending on the county assessor, the form may be turned in via online link, email, postal mail, or in person.

Click here for the application.

How to file for the Military Service Tax Exemption

The military service tax exemption is being increased to $4,000 in taxable value for assessment years on or after January 1, 2023 for an honorably separated, retired, furloughed to a reserve, placed on inactive status, or discharged veteran.

Military veterans currently receiving the exemption do not need to file a new application as long as the veteran or the veteran’s spouse is the legal equitable owner of the property on July 1 for which the exemption is allowed.

Due: by July 1 to your local assessor (must be filed or postmarked to the assessor on or before this date.

Again, depending on the county assessor, the form may be turned in via online link, email, postal mail, or in person.

Click here for the application.

With these changes provided by HF 718 all Iowans who qualify for these exemptions will benefit. While July 1 is coming up fast, I hope you will take advantage of these exemptions. Thank you to the county assessors and the work they do as they walk Iowans through this process.

All my best,

Senator Dave Rowley