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Credits & Exemptions

Iowa law provides for a number of credits and exemptions. It is the property owner’s responsibility to apply for these as provided by law. It is also the property owner’s responsibility to report to the Assessor when they are no longer eligible for any credit or exemption they have applied for. Following is a list of several credits and exemptions available in Iowa.
Credit/Exemption
Time Period
Contact for Eligibility
Filing Deadline
Homestead Tax Credit
Time Period: Permanent
Eligibility Contact: Assessor
Deadline: July 1

To qualify for the credit, the property owner must be a resident of Iowa and occupy the property on July 1 and for at least six months of every year. New applications for homestead tax credit are to be filed with the Assessor on or before July 1 of the year the credit is first claimed. Once a person qualifies, the credit continues until the property is sold or until the owner no longer qualifies. This credit reduces the value on which taxes are calculated by a maximum of $4,850.

Iowa Code: 425
Military Service Tax Exemption
Time Period: Permanent
Eligibility Contact: Assessor
Deadline: July 1

Iowa residents who meet one of the following service requirements are eligible for the exemption:

  1. Honorable discharged veteran who served for a minimum aggregate of eighteen months.
  2. Honorable discharged veteran who served for fewer than eighteen months because of a service related injury.
  3. Honorable discharged former member of Reserve Forces or Iowa National Guard who served at least 20 years.
  4. Member of Reserve Forces or Iowa National Guard who have served at least 20 years and continue to serve.
  5. Honorable discharged former member of the Armed Forces if any portion of their term of enlistment would have occurred within the Korean Conflict but who opted to serve 5 years in the reserve forces as allowed by Federal law.
  6. Honorably discharged veteran who served in an eligible service period (Iowa Code Chapter 35)

Application must be made with the Assessor on or before July 1 of the year the exemption is first claimed. The military certificate of satisfactory service, order transferring to inactive status, reserve, retirement, order of separation from service or honorable discharge must be recorded in the office of the county recorder. Members of the Reserve Forces or Iowa National Guard who have served at least 20 years and continue to serve shall record the veteran’s retirement points accounting statement issued by the armed forces of the United States, the state adjutant general, or the adjutant general of any other state. The exemption from taxation is $1,852. If the qualified veteran does not claim the exemption the spouse, unmarried widow(er), minor child or widowed parent may be eligible to claim the exemption.

Iowa Code: 426A
Business Property Tax Credit
Time Period: Permanent
Eligibility Contact: Assessor
Deadline: July 1

Qualification is determined by classification.  The property must be classified for tax purposes as Commercial, Industrial, or Railroad to qualify and not be assessed as Section 42 housing, a mobile home park, a manufactured home community, a leased land community, an assisted living facility, or primarily used or intended for use for human habitation (containing 3 or more dwelling units).  Applications are to be filed with the Assessor on or before March 15th for the previous year in which the credit is first claimed.  Once a property qualifies, the credit continues until the property is sold or until the use no longer qualifies.

Iowa Code: 426C
Family Farm Tax Credit
Time Period: Permanent
Eligibility Contact: Assessor
Deadline: November 1

This is a tax credit on agricultural tracts of land 10 acres or more that are farmed by the owner or immediate family members (this includes brothers/sisters, sons/daughters, grandchildren, great grandchildren, uncles/aunts, nephews/nieces.) Beginning July 1, 2001, this tax credit went to a one-time signing. New applications for family farm tax credit are to be filed with the Assessor on or before November 1 of the year the credit is first claimed. Once a person qualifies, the credit continues until the property is sold or until the owner no longer qualifies. Applications are taken in the Assessor’s office.

Iowa Code: 425A
Cattle Facilities
Time Period: 5 Years
Eligibility Contact: Assessor, 641-623-5445
Deadline: February 1
Disabled Veteran
Time Period: Permanent
Eligibility Contact: Local VA Administrator, 641-236-5722
Deadline: February 1
Forest Cover
Time Period: Annual
Eligibility Contact: Soil Conservation Service, 641-528-4115
Deadline: February 1
Forest Reserve
Time Period: Permanent
Eligibility Contact: Assessor, 641-623-5445
Deadline: February 1
Fruit Tree Reservation
Time Period: 8 Years
Eligibility Contact: Assessor, 641-623-5445
Deadline: February 1
Geothermal Heating & Cooling System
Time Period: 10 Years
Eligibility Contact: Assessor, 641-623-5445
Deadline: February 1
Historic Property
Time Period: 4/4 Years
Eligibility Contact: State Historical Society, 515-281-8637
Deadline: February 1
Impoundment Structures
Time Period: Annual
Eligibility Contact: Soil Conservation Service, 641-528-4115
Deadline: February 1
Industrial Partial 427B
Time Period: 5 Years
Eligibility Contact: Assessor, 641-623-5445
Deadline: February 1
Native Prairie
Time Period: Annual
Eligibility Contact: DNR State Wildlife Biologist, 641-752-5521
Deadline: February 1
Open Prairie
Time Period: Annual
Eligibility Contact: Soil Conservation Service, 641-528-4115
Deadline: February 1
Pollution Control
Time Period: Permanent
Eligibility Contact: Assessor, 641-623-5445
Deadline: February 1
Urban Revitalization
Time Period: By Ordinance
Eligibility Contact: City
Deadline: February 1
Wetlands
Time Period: Annual
Eligibility Contact: DNR State Wildlife Biologist, 641-752-5521
Deadline: February 1
Wildlife Habitat
Time Period: Permanent
Eligibility Contact: DNR State Wildlife Biologist, 641-752-5521
Deadline: February 1

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