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The Iowa Homestead Tax Exemption: Deadline to Apply July 1, 2023

June 12, 2023
By Chrystal Mollet
Trust Officer

A new homestead tax exemption was signed into law by Governor Reynolds on May 4, 2023. It included a new exemption for claimants 65 years of age or older and an increase to the military service tax exemption. Both changes are retroactive and will apply to the assessment year starting January 1, 2023.

The Homestead Exemption is a new amendment to the Homestead Tax Credit.  Exemptions are only granted to Iowa real estate owners who are 65 years or older as of January 1, 2023.  Once approved, there is no need to apply for the exemption in subsequent years.

For those that apply and are approved, the Homestead Exemption is for $3,250 of taxable value for the assessed real estate tax year beginning January 1, 2023. For subsequent years, the exemption moves up to $6,500.

Iowa owners seeking the new exemption must submit the application form to their local county assessor’s office no later than July 1, 2023, for consideration of the exemption toward their January 1, 2023 assessment.  Any applications submitted later than July 1, 2023 will be treated as claims for 2024 assessments.

For more information or to view the application, visit the Iowa Department of Revenue Website:Homestead Tax Credit and Exemption | Iowa Department Of Revenue

About the Author

Chrystal Mollet, CTFA

Chrystal Mollet arrived at Security National Bank in 2015 as a Personal Trust Manager, and was promoted to Wealth Management Advisor shortly thereafter. A graduate of the University of South Dakota, she holds a CTFA designation from the American Bankers Association.