Iowa Code 425.1A – Homestead tax exemption
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1. The following exemptions from taxation shall be allowed in addition to the homestead credit for an owner that has attained the age of sixty-five years by January 1 of the assessment year:
a. For the assessment year beginning January 1, 2023, the eligible homestead, not to exceed three thousand two hundred fifty dollars in taxable value.
b. For the assessment year beginning January 1, 2024, and each succeeding assessment year, the eligible homestead, not to exceed six thousand five hundred dollars in taxable value.
Terms Used In Iowa Code 425.1A
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Homestead: means the dwelling owned or rented and actually used as a home by the claimant during the period specified in subsection 2, and so much of the land surrounding it including one or more contiguous lots or tracts of land, as is reasonably necessary for use of the dwelling as a home, and may consist of a part of a multidwelling or multipurpose building and a part of the land upon which it is built. See Iowa Code 425.17
- Owner: means any of the following:a. See Iowa Code 425A.2
- property: includes personal and real property. See Iowa Code 4.1
- year: means twelve consecutive months. See Iowa Code 4.1
2. Section 25B.7, subsection 1, shall not apply to the property tax exemption provided in this section.