A new law signed by Gov. Kim Reynolds gives seniors and veterans in Iowa a property tax break
On May 4th, Governor Kim Reynolds announced a new law signed the prior day by an overwhelming majority impacting the property tax exemptions for Iowa’s seniors and veterans.
Both of these new laws will help Iowans reduce their tax liability and keep more money in their pockets. Be sure to follow up with your situation to see if you qualify for these. Questions can be directed to your local assessor’s office.
The new law gives Iowans aged 65 and older a property tax exemption worth $3,250 in 2023 and $6,500 in subsequent years. To receive the credit, the application form must be received by your local assessor’s office by July 1st. The application form (Homestead Tax Credit and Exemption 54-028) can be found at tax.iowa.gov/forms.
Additionally, the law impacts Iowa’s veterans as well by increasing the property tax exemption from $1,852 to $4,000 per year. There is no action needed for this if the veteran is already receiving the exemption. However, it may be good to contact your assessor’s office to ensure you are getting this if applicable to your situation. The application form (Military Service Property Tax Exemption 54-146) can be found at tax.iowa.gov/forms.
You can read more about this in this article in the Des Moines Register.