The new Iowa property tax exemptions will provide relief for seniors and military veterans.
New Iowa Property Tax Exemptions for Seniors and Military Veterans Signed into Law
Iowa Governor Kim Reynolds signed new Iowa property tax exemptions through House File 718 that will provide relief to seniors and military veterans by limiting the new property tax revenue growth.
The new law will give $3,250 Iowa property tax exemptions to properties owned by individuals aged 65 and older while doubling the Iowa property tax exemptions for military veterans to $4,000 in taxable value.
There will be an expected $100 million tax in property tax following the passing of the new Iowa property tax exemptions for eligible seniors and military veterans, The Gazette reported.
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Eligible Seniors and Military Veterans for New Iowa Property Tax Exemptions
The new Iowa property tax exemptions will provide relief to seniors aged 65 and above and eligible military veterans, including eligible individuals in nursing homes and veterans still serving in the military.
According to the Department of Revenue, eligible seniors and military veterans are encouraged to file applications for the new Iowa property tax exemptions until July 1 to the local offices in the area.
However, military veterans who are already exempted do not need to file for the new Iowa property tax exemptions as long as they or their spouse remain the legal owner of the property.
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