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Credits & Exemptions Schedule
Property Tax Credits and Exemptions
- Ag Land Credit
- Barn and One-Room School House
- Data Center Business Property Exemption
- Disabled and Senior Citizens Property Tax Credit/Rent Reimbursement
- Disabled Veteran Homestead Credit
- Family Farm Land Credit
- Forest and Fruit Tree Reservations Exemption
- Geothermal Exemption
- Historic Property Rehabilitation
- Homestead Credit
- Impoundment Structures Exemption
- Indian Housing Authority
- Industrial Property, Research-Service Facilities, Warehouses, Distribution Centers and Cattle Facilities Exemption
- Low-Rent Housing Exemption
- Methane Gas Conversion Property Exemption
- Military Exemption
- Native Prairie/Wetlands Exemption
- Natural Conservation and Wildlife Areas Exemption
- Pollution Control and Recycling Exemption
- Religious, Educational and Charitable Property Exemption
- Speculative Shell Buildings Exemption
- Urban Revitalization Exemption
- Web Search Portal Exemption
- Wildlife Habitat Exemption
- Wind Energy Property Exemption
Iowa Ag Land Credit
Description: This credit was established to partially offset the school tax burden borne by agricultural real estate. Current law allows a credit for any general school fund tax in excess of $5.40 per $1,000 of assessed value.
Eligibility: All land used for agricultural or horticultural purposes in tracts of 10 acres or more and land of less than 10 acres if contiguous to qualifying land of 10 acres or more.
Filing Requirements: Land owners are not required to file a claim. The county auditor determines the amount of credit applicable to each tract of land.
Refer to Code of Iowa Chapter 426 (PDF)
Iowa Barn and One-Room School House Property Exemption
Description: Exempts from taxation the increase in assessed value from improvements made to barns constructed prior to 1937 and one-room school houses.
Filing Requirements: Application must be filed with assessing authority by February 1 of the first year the exemption is requested.
Eligibility: The exemption for a barn continues as long as the structure is used for the storage of farm products or feed or for the housing of farm animals or farm equipment.
The exemption for the school house continues as long as the structure is not used for dwelling purposes and is preserved as a one-room school house.
Refer to Iowa Code Chapter 427.1(31) (PDF)
Iowa Data Center Business Property Exemption
Description: Exemption for certain property other than land and buildings that is purchased by a data center business. This includes computers and equipment that are necessary for the maintenance and operation of a data center business.
Eligibility: The data center business must meet the requirements contained in Iowa Code section 423.3 subsection 95.
Filing Requirements: The owner must file an application with the assessor by February 1 of the first year the exemption is claimed.
Refer to Iowa Code Chapter 427.1(37) (PDF)
Iowa Disabled and Senior Citizens Property Tax Credit/Rent Reimbursement
Description: Incorporated into the Homestead Tax Law to provide property tax or rent relief to elderly homeowners and homeowners with disabilities.
Eligibility: Must be 65 or older or totally disabled, and have household income of less than $20,427.
Filing Requirements: A property owner must file a claim with the county treasurer by June 1 preceding the fiscal year in which the property taxes are due. Renters must file with the Department of Revenue by June 1 to claim reimbursement for rent paid in the prior calendar year. The director or county treasurer may grant extensions of time to file.
Refer to Code of Iowa Chapter 425.17 (PDF)
Contact Story County Treasurer for Application 515-382-7330
Iowa Disabled Veteran Homestead Credit
Description: Tax credit to a disabled veteran with a service related disability of 100%.
Filing Requirements: This credit may be claimed by any 100 % disabled veteran of any military forces of the United States. The Veteran’s DD214 papers must be recorded with the Recorder and a current copy of the benefits paid letter showing the percentage of disability must be submitted to the assessor at the time the application is filed. The amount of the credit is a maximum of the entire amount of tax payable on the homestead. This credit must be filed with the assessor by July 1 annually.
Refer to Iowa Dept. of Veterans Affairs press release (PDF)
2015 HF 166 Veterans Credit modifying eligibility (PDF)
Iowa Family Farm Land Credit
Description: Credit established to partially offset the school tax burden borne by agricultural real estate. Current law allows a credit for any general school fund tax in excess of $5.40 per $1,000 of assessed value.
Eligibility: All land used for agricultural or horticultural purposes in tracts of 10 acres or more and land of less than 10 acres if contiguous to qualifying land of more than 10 acres. The owner or designated person must be actively engaged in farming the land.
Filing Requirements: Claims must be filed with the assessor by November 1. Subsequent claims are not required if ownership and designated person actively engaged in farming remain the same.
Refer to Code of Iowa Chapter 425A.4 (PDF)
Iowa Forest and Fruit Tree Reservations Exemption
Description: Provides an exemption for property established as a forest or fruit tree reservation.
Eligibility: Forest Reserve: Minimum of two acres, with not less than 200 trees per acre. Fruit Tree Reserve: Not less than one nor more than 10 acres, with at least 40 apple trees or 70 other fruit trees.
Exemption: 8 years for fruit tree reservations. Neither reserve can be used for economic gain other than raising trees, nor is livestock permitted on the reservation. Must meet the criteria established by the Iowa Department of Natural Resources.
Filing Requirements: Application must be filed with assessor by February 1.
Refer to Code of Iowa Chapter 427C.3 (PDF)
Iowa Geothermal Exemption
Description: 10 year exemption applies to value added by any new or refitted construction or installation of a geothermal heating or cooling system, on or after July 1, 2012, on property classified as residential.
Eligibility: Residential class property with Geothermal installed on or after July 1, 2012.
Filing Requirements: Application must be filed with assessor by February 1.
Refer to Code of Iowa Chapter 427.1 (38) (PDF)
Iowa Historic Property Rehabilitation
Description: One time application for a 4 year exemption.
Eligibility: Must have an approved application for certified substantial rehabilitation from the state historic preservation officer.
Filing Requirements: Application must be filed with assessor by February 1.
Refer to Code of Iowa Chapter 427.16 (PDF)
Iowa Homestead Credit
Description: Originally adopted to encourage home ownership through property tax relief. The current credit is equal to the actual tax levy on the first $4,850 of actual value.
Eligibility: Must own and occupy the property as a homestead on July 1 of each year, declare residency in Iowa for income tax purposes and occupy the property for at least six months each year. Persons in the military or nursing homes who do not occupy the home are also eligible.
Filing Requirements: Claim must be filed on or before July 1. Claim is allowed for successive years without further filing as long as eligible.
Instructions for Homestead Application (PDF)
Refer to Code of Iowa Chapter 425.2 (PDF)
Iowa Impoundment Structures Exemption
Description: Provides an exemption for impoundment structures and land underlying an impoundment located outside any incorporated city.
Eligibility: Not developed or used for nonagricultural income-producing purposes. Must be approved by Soil and Water Conservation District commissioners and the Iowa Department of Natural Resources.
Filing Requirements: Application must be filed with the assessor each year no later than February 1.
Refer to Code of Iowa Chapter 427.1(20) (PDF)
Iowa Indian Housing Authority
Description: Exemption for Property owned and operated by an Indian Housing Authority.
Filing Requirements: Application must be filed with the assessor each year no later than February 1.
Refer to Code of Iowa Chapter 427.1 (33) (PDF)
Application Form
Iowa Industrial Property, Research-Service Facilities, Warehouses, Distribution Exemption
Description: Value-added exemption to encourage industrial and commercial development. Subject to approval by city councils and county boards of supervisors.
Eligibility: Partial exemption for five years. The percent varies each year.
Filing Requirements: Application must be filed with assessor by February 1 of the year the value is added.
Refer to Code of Iowa Chapter 427B.4 (PDF)
Iowa Low-Rent Housing Exemption
Description: Provides an exemption for low-rent housing until the original housing development mortgage is paid in full or expires.
Eligibility: Property owned and operated or controlled by a nonprofit organization providing low-rent housing for persons at least 62 years old or persons with physical or mental disabilities.
Filing Requirements: Must file an application with the assessor no later than February 1. The claim is allowed on the property for successive years without further filing as long as the property is used for purposes specified in the original claim.
Code of Iowa Chapter 427.1 (21) (PDF)
Iowa Methane Gas Conversion Property Exemption
Description: Promotes environmental purposes.
Eligibility: Property must be used in connection or conjunction with a publicly-owned sanitary landfill, or is property originally placed in service on or after January 1, 2008, or before December 31, 2012.
Filing Requirements: Application must be filed annually with the assessor by February 1.
Refer to Code of Iowa Chapter 427.1 (29) (PDF)
Iowa Military Exemption
Description: Reduces the taxable value of property for military veterans.
Eligibility: The amount of exemption varies. Must own the property on July 1 of each claim year.
Filing Requirements: A qualified veteran must file a claim with the local assessor by July 1. Subsequent claims need not be filed on the same property.
Refer to Code of Iowa Chapter 426A.13 (PDF)
Iowa Native Prairie/Wetlands Exemption
Description: Exemption for land preserved in its natural condition.
Eligibility: Cannot be used for economic gain. Must be certified by the Iowa Department of Natural Resources.
Filing Requirements: Application must be filed annually with assessor by February 1.
Refer to Code of Iowa Chapter 427.1 (23) (PDF)
Iowa Natural Conservation and Wildlife Areas Exemption
Description: Provides an exemption for recreational lakes, forest covers, rivers and streams, including banks, and open prairies as designated by the county board of supervisors.
Eligibility: Property cannot be used for economic gain. Property must be at least two acres and provide erosion control or wildlife habitat.
Filing Requirements: Application must be filed with the commissioners of the Soil and Water Conservation District by February 1 of the assessment year.
Refer to Code of Iowa Chapter 427.1 (22) (PDF)
Iowa Pollution Control and Recycling Exemption
Description: Provides an exemption for certain pollution control and recycling property.
Eligibility: Exemption is limited to market value of property used primarily for pollution control or recycling. Must be certified as eligible by the Iowa Department of Natural Resources.
Filing Requirements: Application must be filed with the assessor no later than February 1.
Refer to Code of Iowa Chapter 427.1 (19) (PDF)
Iowa Religious, Educational and Charitable Property Exemption
Description: Exemption for property used for religious, education or charitable purposes.
Eligibility: Cannot be used for profit. Limited to 320 acres.
Filing Requirements: Application must be filed with assessor by February 1. No further application is needed if use remains unchanged.
Refer to Code of Iowa Chapter 427.1 (14) (PDF)
Iowa Speculative Shell Buildings Exemption
Description: Value added exemption to encourage local business development. Subject to approval by city council or county board of supervisors.
Eligibility: Available to community development organizations, not-for-profit cooperative associations and for-profit entities. Terminates when building is leased or sold.
Filing Requirements: Application must be filed with the assessor by February 1 for each project.
Refer to Code of Iowa Chapter 427.1 (27) (PDF)
Iowa Urban Revitalization Exemption
Description: Value-added exemption to encourage development in urban areas. Subject to approval of city council or county board of supervisors.
Eligibility: Must have increased the value of the property to which added by at least 15% or 10% for residential property or the percent established by local officials. The percent and the length of time over which the exemption applies varies with schedule adopted by local officials.
Filing Requirements: Application must be filed with the assessor by February 1 of the year the value is added. An extended filing deadline is provided.
Refer to Code of Iowa Chapter 404 (PDF)
See your City Clerk for Application
Iowa Web Search Portal Exemption
Description: Exemption for certain property that is purchased by a Web search portal business. This includes cooling systems, cooling towers, and other temperature control infrastructure; all power infrastructure for transformation, distribution or management of electricity used for the maintenance and operation of the Web search portal, including but not limited to exterior dedicated business-owned substations; back-up power generation systems, battery systems, and related infrastructure; and racking systems, cabling, and trays, which are necessary for the maintenance and operation of the Web search portal.
Eligibility: The Web search portal business must meet the requirements contained in Iowa Code section 423.3, subsection 92.
Filing Requirements: The owner must file an application with the assessor by February 1 of the first year the exemption is claimed.
Refer to Code of Iowa Chapter 427.1 (35) (PDF)
Iowa Wildlife Habitat Exemption
Description: Exemption for land used to provide wildlife refuge.
Eligibility: Must be classified as agricultural real estate; cannot exceed two acres, and must be certified by the Iowa Department of Natural Resources.
Filing Requirements: Owner must receive certification from the Iowa Department of Natural Resources, which must notify the assessor of eligibility.
Refer to Code of Iowa Chapter 427.1 (24) (PDF)
Contact the Iowa Department of Natural Resources
Iowa Wind Energy Property Exemption
Description: Promotes energy conservation. Subject to an ordinance of city councils or county boards of supervisors.
Eligibility: Applies to the net acquisition cost of the wind energy conversion property. Exemption: 100%, first year, to 70%, last year, over 20 years.
Filing Requirements: Application must be filed with assessor by February 1 of the year the value is added.
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