DES MOINES, iowa — Iowa seniors and Veterans can now apply for the new property tax exemptions.
The new property tax bill, that we passed, is it reduces for seniors and military personnel the amount of taxable income that their property is taxed at," State Rep. Gary Mohr said.
Iowans 65 and older have until July 1st to apply for the new property tax exemption.
Once accepted, they'll receive an exemption worth $3,250 in the first year, and it doubles in the second year to $6,500.
On top of that relief, seniors can still qualify for the homestead tax credit, which they receive if they own and live in their home.
If their property costs 1$0,000 and you qualify for the homestead act tax credit your taxable base right now under current law would be $10,000 minus $4,850," Paige Yontz the state advocacy manager for AARP Iowa said. "With this new law and code, you would see the $10,000 minus 4$,850, minus $3,250 and that would be your taxable base.
Veterans would also need to apply by July 1st, unless they already receive the current property tax exemption.
Their exemption will now increase from roughly $2000 to $4,000.
The Veterans who fought for us, served for us deserve to live in the state where they would like to," State Rep. Dave Jacoby said. "Iowa is a state that they choose to, and we want to make sure that they can afford to live here.
Lawmakers hope this relief will allow aging Iowans and those who have served to not only stay in Iowa but remain in their homes.
Rep. Mohr said he applied for the senior exemption at his county assessor’s office, and it only took him minutes.
"We don't want increased value of seniors or military personnel on their properties to be forced to sell it and move somewhere else simply because the value of their property goes up when they may not have made any improvements to it," Rep. Mohr said.
Iowans 65 and older, that are also Veterans, can qualify for both.
Once you apply this year, you will automatically get the benefits each year after.
You can find the military property tax exemption form on the Iowa Department of Revenue's page under Military Service Property Tax Exemption 54-146.
To apply for the senior property tax exemption, you can find it under Homestead Tax Credit and Exemption 54-028.