Seniors and Veterans of Iowa can start applying for the new property tax break. The new property tax law was approved and signed by the Iowa Governor.
Iowa Governor Kim Reynolds signed a New property tax law
Iowa Governor Kim Reynolds approved and signed the new property tax break law. The Seniors and Veterans of the state can now apply for the new property tax.
Most of the lawmakers of Iowa state approved the new property tax law. This property tax law will limit the property tax income local government units can use in their allocated budgets.
The lawmakers approximated the new property tax law to result in a $100 million decrease in property tax in Iowa State.
Read Also: Lower Property Tax Can Have An Unfavorable After-Effect: Tax Policy Experts Say
These are possible questions by the property taxpayers
What is the new property tax?
- The new property tax law will limit the growth of the property tax of residential and agricultural to 3% every year.
What do the tax breaks provide?
- The new law will provide a $3,250 exception for a house owned or lived by Iowan residents who is 65 years old and above.
How can seniors apply for the new property tax?
- On Monday, the Iowa Department of Revenue announced allowing seniors to apply for the new property tax exemption. The deadline for application will be on July 1.
How can veterans apply for the new property tax?
- Honorably separated veterans or the veteran’s spouse are eligible to file the new property tax break. The veterans are no longer required to file new property tax forms as long as the property they lived in legally belongs to them.
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