New tax exemptions in Iowa for seniors and veterans
There are two new tax exemptions in Iowa that Linn County locals should be aware of.
One of the exemptions is for military service. The military exemption will be increased to $4,000 for an honorably separated, retired, furloughed to a reserve, placed on inactive status or discharged veteran.
Veterans who are already receiving a military exemption will automatically see the increase without having to refile. The exemption increase will appear on property taxes that are payable in the fall of 2024 and spring of 2025.
To apply for military exemption, click here. Applications should be submitted to the Linn County Assessor's Office by July 1.
The second tax exemption is for people 65 years of age or older.
The new exemption is in addition to the current homestead tax credit lots of homeowners already have. Now, people 65 and older who own the home they live in are eligible for a homestead tax exemption.
For the assessment year beginning on Jan. 1, 2023, the exemption is for $3,250 of taxable value. For assessment years beginning on or after Jan. 1, 2024, the exemption is for $6,500 of taxable value.
To apply for this homestead exemption, click here. Applications should be submitted to the Linn County Assessor's Office by July 1.
If the exemption is granted, it will be allowed in future years without refiling as long as the person continues to qualify. This exemption will show on property taxes that are payable in the fall of 2024 and spring of 2025. Only one 65 and over homestead exemption per property is allowed.
Homeowners who are 65 and older AND a qualifying veteran are eligible for both the military exemption and the homestead tax exemption.
