Credits and Exemptions - Assessor - Cerro Gordo County, Iowa (2024)

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County Assessor

Iowa law provides for a number of credits and exemptions.

Credit/Exemption

Time Period

Contact for Eligibility

Filing Deadline

Homestead Tax Credit

Time Period: Permanent

Eligibility Contact: Assessor

Deadline: July 1

To qualify for the credit, the property owner must be a resident of Iowa and occupy the property on July 1 and for at least six months of every year. To qualify for the exemption, the property owner must be 65 years old or older on January 1 of the year they are applying for. New applications for homestead tax credit and exemption are to be filed with the Assessor on or before July 1 of the year the credit is first claimed. Once a person qualifies, the credit and/or exemption continues until the property is sold or until the owner no longer qualifies.

The credit reduces the value on which taxes are calculated by a maximum of $4,850.

For assessment years beginning on or after January 1, 2024, the exemption is for $6,500 of taxable value.

Apply Online

Download: Application Form
Iowa Code: Chapter 425

Military Tax Credit

Time Period: Permanent

Eligibility Contact: Assessor

Deadline: July 1

Qualification is determined based on residency, type of discharge and time served. Military veterans including Iowa National Guard and United States Reservists may qualify. Contact the County Assessors' Office for additional information. Applications must be made with the Assessor on or before July 1 of the year the exemption is first claimed. The exemption remains in effect until the property owner is no longer eligible.

Apply Online

Download: Application Form
Iowa Code: Chapter 426

Family Farm Tax Credit

Time Period: Permanent

Eligibility Contact: Assessor

Deadline: November 1

This is a tax credit on agricultural tracts of land 10 acres or more that are farmed by the owner or immediate family members (this includes brothers/sisters, sons/daughters, grandchildren, great-grandchildren, uncles/aunts, nephews/nieces.) This credit needs to be filed by November 1st at the Assessor's office. It only needs to be filed once unless the ownership or the person actively engaged in farming changes.

Apply Online

Download: Application Form
Iowa Code: Chapter 425A

Cattle Facilities

Time Period: 5 Years

Eligibility Contact: Assessor

Deadline: February 1

Exemption is based on the actual value added to owner-operated cattle facilities, including small or medium-sized feedlots, either by new construction or by the retrofitting of existing facilities.

Download: Application Form

Forest/Fruit Tree Reservations

Time Period: Permanent

Eligibility Contact: Assessor

Deadline: February 1

Download: Application Form

Historic Property

Time Period: 4/4 Years

Eligibility Contact: State Historical Society/Assessor

Deadline: February 1

Download: Application Form

Impoundment Structures

Time Period: Annual

Eligibility Contact: Assessor

Deadline: February 1

The impoundment must contain at least 18 acre-feet of water, be outside of a city limits and be used for agricultural purposes to qualify for exemption.

Download: Application Form

Industrial Partial 427B

Time Period: 5 Years

Eligibility Contact: Assessor

Deadline: February 1

Property must be an industrial warehouse, distribution center or research facility to qualify.

Native Prairie or Wetlands

Time Period: Annual

Eligibility Contact: DNR State Wildlife Biologist/Assessor

Deadline: February 1

The first annual application shall be accompanied by a certificate from the Department of Natural Resources stating that the land is native prairie or protected wetland.

Download: Application Form
Iowa Code: 427.1(23)

Open Priaire

Time Period: Annual

Eligibility Contact: Soil Conservation Service

Deadline: February 1

Download: Application Form

Pollution Control

Time Period: Permanent

Eligibility Contact: Assessor

Deadline: February 1

The application for pollution control or recycling property shall be accompanied by a certificate from the environmental protection division of the Iowa DNR.

Download: Application Form
Iowa Code: 427.1(19)

Urban Revitalization

Time Period: By Ordinance

Eligibility Contact: City/County Assessor

Deadline: February 1

Qualifying structures located in a Urban Revitalization District will receive an exemption based upon the schedule set up by each city council.

Wildlife Habitat

Time Period: Annual

Eligibility Contact: DNR State Wildlife Biologist/Assessor

Deadline: February 1

Agricultural landowners may designate not more than two acres of the land for use as a wildlife habitat. The Iowa DNR shall certify the designated land as a wildlife habitat.

Download: Application Form

Disabled Veteran

Time Period: Annual

Eligibility Contact: Local Administrator Veterans Affairs/Assessor

Deadline: July 1

Download: Application Form

Barn Preservation

Time Period:

Eligibility Contact: Assessor

Deadline: February 1

Download: Application Form

Mobile Home Park Storm Shelter

Time Period: Permanent

Eligibility Contact: Assessor

Deadline: February 1

Download: Application Form

Natural Conservation or Wildlife Areas

Time Period: Annual

Eligibility Contact: Soil and Water Conservation District

Deadline: February 1

Download: Application Form

Religious, Literary, and Charitable Societies

Time Period: Permanent

Eligibility Contact: Assessor

Deadline: February 1

Download: Application Form
Iowa Code: 427.1(14)

Geothermal

Time Period:

Eligibility Contact: Assessor

Deadline: February 1

Download: Application Form

Apply Online

Cerro Gordo County residents can apply online for the Homestead, Military, and Family Farm tax credits via Beacon. Use the property search to find your property then click use the buttons at the top of the page to follow the application process.

Beacon Property Search

County Assessor

Our Team Commercial Reappraisal Project Press Release 5/20/2024 Assessor's Duties Board of Review Conference Board Credits and Exemptions Important Dates Information and Resources Property Owner’s Legal Responsibility Property Search (Beacon) FAQ Department Home

Credits and Exemptions - Assessor - Cerro Gordo County, Iowa (2024)

FAQs

How to calculate homestead credit Iowa? ›

How is the Homestead Credit calculated? The Homestead Credit is calculated by dividing the homestead credit value by 1,000 and multiplying by the Consolidated Tax Levy Rate. That amount may then be reduced by the county to the same amount at which the State of Iowa has approved funding.

What is the exemption credit in Iowa? ›

You may claim a $40 personal exemption credit even if you are claimed as a dependent on another person's Iowa return. If you were 65 or older on or before January 1, 2023, you may take an additional personal credit.

How much is a homestead exemption in Iowa? ›

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.

How do I claim homestead exemption in Iowa? ›

Filing for Your Homestead Exemption

Fill out the Homestead Tax Credit, 54-028 form. Return the form to your city or county assessor. This tax credit continues as long as you remain eligible. Applications are due by July 1 for the current tax year.

At what age do you stop paying property tax in Iowa? ›

DES MOINES, IA – Iowan's age 65 or older are eligible for a property tax exemption worth $3,250 for the assessment year beginning January 1, 2023.

How much do you get back from Homestead? ›

The size of your homestead tax exemption varies by state. Some states offer a flat exemption, such as a $40,000 decrease in your home's assessed value. Others reduce your home's assessed value by a percentage. Check with your county assessor's office to learn how valuable your state's property tax exemption might be.

What are exemption credits? ›

exemption credit. Reduction in itemized deductions. Itemized deductions must be reduced by the lesser. of 6% of the excess of the taxpayer's federal AGI over. the threshold amount or 80% of the amount of itemized.

How many exemptions should I claim? ›

An individual can claim two allowances if they are single and have more than one job, or are married and are filing taxes separately. Usually, those who are married and have either one child or more claim three allowances.

What is the exemption limit? ›

For the old regime, the basic exemption limit is Rs 2,50,000. Whereas, for the new one, it is set at Rs 3,00,000. However, there are certain conditions under which individuals must file ITRs even if their taxable income is less than the basic exemption limit.

What is the new tax law for seniors in Iowa? ›

Retirement Income Exclusion (HF 2317)

Retirement income will no longer be taxable for taxpayers who are 55 years or older or who are disabled.

What is considered a homestead in Iowa? ›

State homestead laws do place a limit on the value or acreage of property that can be designated as a homestead. The Hawkeye State allows citizens to set aside 40 acres of rural property or a half-acre of urban property under its homestead protections, and caps the value of protected personal property at $500.

Are property taxes deductible in Iowa? ›

Iowa individual taxpayers who itemize deductions may deduct property and certain other taxes paid during the tax year. In addition, they may choose to deduct either: (1) state and local income taxes; or (2) state sales and use taxes paid during the tax year.

Can I deduct homeschool expenses in Iowa? ›

The Credit is 25% of eligible expenses, so the maximum credit per child is $500. Homeschooling families now qualify for this credit.

Do churches pay property taxes in Iowa? ›

Iowa law allows religious and charitably owned property to be full exempt from taxes. In order for the property to be exempt, it must be solely used for religious or charitable purposes.

How to calculate property taxes in Iowa? ›

Iowa Property Tax Rates

Tax rates are denominated in dollars per thousand. So if your total tax rate is 20, that would mean you owe $20 in taxes for every $1,000 in assessed value. On a home with an assessed value of $200,000, the total tax bill would be $4,000.

How do I calculate my property taxes in Iowa? ›

Iowa Property Tax Rates

Tax rates are denominated in dollars per thousand. So if your total tax rate is 20, that would mean you owe $20 in taxes for every $1,000 in assessed value. On a home with an assessed value of $200,000, the total tax bill would be $4,000.

What is the residential rollback rate in Iowa? ›

The property tax levy is applied to the taxable value, thereby determining the property tax bill. For example, a property valued at $200,000 on January 1, 2023 would be taxed at $200,000 multiplied by the rollback rate of 46.3428% which equals $92,686.

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