Homestead Tax Exemption for Claimants 65 Years of Age or Older

On May 4, 2023, Governor Kim Reynolds signed House File 718, establishing a homestead tax exemption for claimants 65 years of age or older.

In addition to the homestead tax credit that property owners may already be receiving, eligible claimants who own the home they live in AND who are 65 years of age or older on or before January 1st of the assessment year are now eligible for a homestead tax exemption. For the assessment year beginning on January 1, 2023, claimants need to have been the age of 65 prior to January 1, 2023 to be eligible for this exemption.  This exemption is taken off of the taxable valuation for taxes to be paid in Fiscal Year 2024-25. The exemption is for $3,250 of taxable value. For assessment years beginning on or after January 1, 2024, the exemption is for $6,500 of taxable value and will remain at $6,500 years following. This exemption is a reduction in the taxable value of the property that taxes are figured on.

 

Applications are due July 1, 2023 and each year following on or before July 1st.   Each claimant must be 65 years of age and must complete the Homestead tax credit exemption form and turn it into the Plymouth County Assessor’s Office prior to July 1st to be eligible for the exemption.  If the exemption is granted, the exemption will be allowed on all future years without a future filing needing to be provided to the Assessor’s office, as long as the claimant continues to qualify.

 

This homestead tax credit form is available at the Iowa Department of Revenue website at www.tax.iowa.gov .   Claimants may also pick up a form in the Plymouth County Assessor’s Office at the Plymouth County Courthouse

at 215 4th Ave. SE, Le Mars, or call 712-546-4705 to have a form mailed.

A form will not automatically be mailed to residents 65 years of age or older;

it needs to be requested.

 

REMEMBER: For the rollout of this new law, property owners who are 65 years or older, prior to January 1, 2023, are eligible for this new additional homestead tax exemption, BUT must complete a new homestead tax credit form with the   Plymouth County Assessor’s Office by July 1, 2023.  This exemption begins with the taxes that will be due in 2024-2025. This will not affect the taxes payable in 2023-24.