Homestead Tax Credit |
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| Any property owner in the State of Iowa who lives in the property can | ||
| receive a homestead tax credit. To be eligible, a homeowner must occupy the | ||
| homestead any six months out of the year, but must reside there on July 1. | ||
| This exemption is a reduction of the taxable value of their property | ||
| amounting to a maximum $4,850 or the amount which does not allow the | ||
| taxable value to be less than zero | ||
| Disabled veterans are allowed to claim a homestead credit that would be | ||
| equal to the entire amount of taxes levied on the homestead property. The | ||
| exemption is not allowed if the combined income of the veteran and their | ||
| spouse, if any, exceeds $25,000 in the prior income tax year. Income means | ||
| taxable income for federal income tax purposes plus income from any | ||
| political subdivision exempt from federal income tax. See Code of Iowa | ||
| Chapter 425. | ||
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