Exemptions and Credits
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.
Homestead Tax Credit
To qualify for the credit, the property owner must be a resident of Iowa (pay Iowa income tax) 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 in person with the Assessor on or before July 1 of the year the credit if first claimed. Once a person qualifies, the credit continues until the property is sold or until the owner no longer qualifies.
The Homestead Credit is calculated by dividing the homestead credit value by 1,000 and multiplying by the Consolidated Tax Levy Rate. That amount may then be reduced by the county to the same amount at which the State of Iowa has approved funding. (Refer to Code of Iowa, Chapter 425)
Military Tax Exemption
Qualification is determined based on residency (pay Iowa income tax), type of discharge and time served. Military veterans including Iowa National Guard and United States Reservists may qualify. Unless already recorded with the county, bring honorable discharge paper DD214 to be recorded.
Contact the Scott County or Davenport City Assessors’ Office for additional information. Applications must be made with the Assessor on or before July 1 of the year the exemption is first claimed. The exemption remains in effect until the property owner is no longer eligible. (Refer to Code of Iowa Chapter 426)
Business Property Tax Credit
Certain commercial, industrial, and railroad properties qualify. Does not apply to residential or agriculturally classified property. One credit is available for each qualified property unit. A property unit consists of contiguous parcels of the same classification that are owned by the same person and operated by that person for a common use and purpose.
The actual amount of credit each property unit will receive depends in part upon the total value of all property units and the average consolidated rates in each unit. Applications must be received by the county or city assessor by January 15, 2014 then March 15th, 2015 and thereafter. Find more at: http://www.iowa.gov/tax/locgov/13PTReform.html (Refer to Code of Iowa Chapter 426C)
The application form can be emailed, mailed, faxed or brought to the Assessor's Office.
Family Farm Tax Credit
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.) There is an annual signup period for this credit until November 1st of each year. Applications are taken in the Assessor's office. (refer to Code of Iowa Chapter 425A) (Application)
Other Exemptions and Credits
Following is a list of several other credits/exemptions administered by the Assessor's office. Filing is required on them as provided by Iowa law. If filing deadline falls on a weekend then deadline is extended to next business day.
Contact For Eligibility
|Charitable & Non-Profit (Application)||Permanent||Assessor||February 1|
|Forest Reserve (Application)||Permanent||Assessor||February 1|
|Fruit Tree Reservation||8 Years||Assessor||February 1|
|Forest Cover||Annual||Soil Conservation Service||February 1|
|Open Prairie||Annual||Soil Conservation Service||February 1|
|Native Prairie or
|Annual||DNR State Wildlife Biologist/Assessor||February 1|
|Wildlife Habitat||Permanent||DNR State Wildlife Biologist/Assessor||February 1|
|Impoundment Structures||Annual||Assessor||February 1|
|Pollution Control (Application)||Permanent||Assessor||February 1|
|Cattle Facilities||5 Years||Assessor||February 1|
|Historic Property||4/4 Years||State Historical Society/Assessor||February 1|
|Urban Revitalization||By Ordinance||City/County Assessor||February 1|
|Industrial Partial 427B||5 Years||Assessor||February 1|
& Cooling System (Application)
|10 Years||Assessor||February 1|
|Disabled Veteran (Application)||Pending||Local Administrator Veterans Affairs/Assessor||July 1|