Iowa Homeowners Aged 65+ Can Avail of Homestead Tax Exemption

Iowa Homeowners Aged 65+ Can Avail of Homestead Tax Exemption

Residents of Le Mars, Iowa, who have reached the age of 65 or more, have a reason to celebrate as they now qualify for a homestead tax exemption, confirmed Plymouth County Assessor, Jill Renken.

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On May 4, the local Governor, Kim Reynolds, signed into law House File 718, which effectively puts into place a homestead tax exemption for individuals aged 65 or older. This comes as an added benefit to the already existing homestead tax credit that homeowners might be receiving. To avail of this new exemption, the claimants must fulfill the following conditions – they must own and reside in the home they’re claiming for, and they must have attained the age of 65 on or before January 1 of the assessment year.

For the 2023 assessment year, claimants must have turned 65 before the beginning of the year to be eligible for this benefit. This exemption translates to a deduction of $3,250 off the taxable valuation of their property for the taxes due in the Fiscal Year 2024-25.

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For the years following January 1, 2024, the exemption increases to $6,500 of taxable value and this figure remains constant for subsequent years. Essentially, this means that the taxable value of the property, which is used to calculate taxes, is reduced by the amount of the exemption.

In light of this new legislation, the Iowa Department of Revenue has revised the Homestead Tax Credit Exemption form to allow applicants to claim this additional exemption. All applications are due by July 1, and this deadline applies to each subsequent year as well.

All claimants must have reached the age of 65 and must submit the completed exemption form to the Plymouth County Assessor’s Office at the Plymouth County Courthouse, located at 215 Fourth Ave. S.E., Le Mars before the deadline to be eligible.

Once the exemption is granted, it will continue to apply in all future years without the need for additional paperwork, as long as the claimant still meets the eligibility requirements.

For the convenience of claimants, the form is made available online at the Iowa Department of Revenue’s website www.tax.iowa.gov. Alternatively, claimants can physically pick up a form at the Plymouth County Assessor’s Office or have it mailed to them by calling 712-546-4705.

Residents who prefer to complete the form online can visit the Plymouth County website at plymouthcountyiowa.gov, navigate to the Departments tab, select Assessor, and then opt for either the Beacon or Vanguard website where the fillable homestead form is housed. Please note that forms won’t be automatically mailed to residents aged 65 or older; they must either request it or fill it out online.

For the initial implementation of this law, homeowners who turned 65 before January 1, 2023, can apply for this additional homestead tax exemption. However, they are required to fill out a new homestead tax credit form and submit it to the Plymouth County Assessor’s Office by July 1, 2023. This exemption will take effect starting from the taxes due in 2024-2025, and does not apply to the taxes payable in 2023-24.

Christopher Charles spent 6 years in the mortgage industry before moving into the world of digital media. He's helped thousands of families buy and refinance real estate at banks and mortgage companies and now continues that mission through industry-leading content. Chris is known for his expertise in the mortgage & real estate industry and continues to produce content all over the web.

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