Government : HOMESTEAD CREDIT & EXEMPTION APPLICATION AVAILABLE FOR CLAIMANTS 65+ YEARS

Benton County Residents 65 years and older can now apply for an exemption along with their traditional Homestead credit amount for qualified claimants who own the home they live in and the ground it sits on.

The application is available under the Links and Forms portion of the Assessor's website.

*PLEASE NOTE THIS FORM IS NOT ON BEACON YET & OUR OFFICE IS RECEIVING AN ABOVE AVERAGE NUMBER OF PHONE CALLS IN REGARDS TO THIS NEW EXEMPTION.

This is the same Homestead application but with the addition of the "Owner's Birthdate" question. Applications are due July 1st to your local assessor - Those who qualify will see a reduction in the taxable value of the property, rather than a direct reduction in the amount of property tax they pay, for the Fall of 2024 and the Spring of 2025.

The credit and exemption will apply for future years without re-filing as long as the claimant continues to qualify. A new Homestead Credit and Exemption form would need to be filed when the owner moves to a different property.

𝗟𝗮𝘄 𝗖𝗵𝗮𝗻𝗴𝗲 𝗣𝗿𝗲𝘀𝘀 𝗥𝗲𝗹𝗲𝗮𝘀𝗲: (Effects Homestead and Military Tax Credits)

On May 4, 2023, Governor 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, eligible claimants who own the home they live in and are 65 years of age or older on or before January 1 of the assessment year are now eligible for a homestead tax exemption. For the assessment year beginning on January 1, 2023, 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.

An exemption is a reduction in the taxable value of the property rather than a direct reduction in the amount of property tax you pay. The Iowa Department of Revenue has amended the Homestead Tax Credit and Exemption (54-028) form to allow claimants to apply for the new exemption. Applications are due July 1 to your local assessor.

If the exemption is granted, the exemption will be allowed for future years without future filing as long as the claimant continues to qualify.

The Military Tax Exemption, previously was an annual credit amount of $1,852.00 has been increased to a $4,000.00 annual credit. Military Veterans currently receiving this credit DO NOT need to take any action; the new amount will be automatically applied.

Veterans: If you haven't signed up for this credit in the past. Please first take your DD214 to the Recorder's Office and get it recorded before filling out the form in the Assessor's Office.

Again, these are two different credit increases and only the Homestead Credit requires action if you are 65 or older; the Military Tax Exemption will be automatic if you are already signed up.

**IMPORTANT: you MUST complete an application to receive this exemption....even if you already have an application for the homestead credit on file. That form does not provide a date of birth, and that information is required Application forms can be found on the web at: https://tax.iowa.gov/forms/homestead-tax-credit-and-exemption or by visiting the Benton County Assessor's Office.

Please contact us by phone at 319- 472-5211 if you have any questions.

*Please Note, this must be done prior to July 1st for the credit to be applied to next fiscal year

(The highlighted portion is the only information that the Asssessor's Office needs unless you are new to the county or have moved to a new address.)