Credits and Exemptions

Print
Press Enter to show all options, press Tab go to next option

Homestead Tax Credit

July 1st – Any person who owns and occupies his or her home. The owner must occupy the dwelling as a home at least six months out of the year, including July 1st, in order to qualify for the credit.

Military Service Tax Exemption

July 1st – Any honorably discharged veteran who served at least 18 months of active duty, less than 18 months but was discharged due to a service-related injury or served during an eligible service period (see form for more details), member or former member of the Reserve Forces or Iowa National Guard who served at least 20 years or was activated for federal duty (not including training) for a minimum of 90 days, or any of the following relatives of a qualified veteran:

  • Spouse
  • Unmarried Widow/Widower
  • Minor Child
  • Widowed Parent

Please note, in order to qualify for the exemption, you must have your DD-214 recorded in Cerro Gordo County.

Disabled Veteran’s Homestead Tax Credit

July 1st – Qualifying individuals are veterans with 100% service-related disability status or a permanent total disability rating based on individual employability paid at the 100% disability rate, or a surviving spouse or child receiving dependency and indemnity compensation (DIC).The applicant must own and occupy the property on July 1st of each year, declare residency in Iowa for income tax purposes, and occupy the property at least six months each year.

Business Property Tax Credit

July 1st – Any commercial, industrial, or railroad property owner is eligible for the credit. The credit is applicable to individual parcels, as well as property units. Property units are contiguous parcels that have the same classification, owner, use/purpose, and are located in the same county. Contiguous parcels share a common boundary or are located within the same building/structure. One credit is available for each property unit.

Family Farm Tax Credit

November 1st – Agricultural tracts of land 10 acres or more and are farmed by the owner or immediate family members are eligible for this credit. An immediate family member is defined as a sibling, child, grandchild, great grandchild, aunt, uncle, niece, or nephew.

Forest & Fruit Tree Reservation

February 1st – A forest occupying at least two acres with 200 trees per acre, or a fruit tree reserve between one and 10 acres with at least 40 apple or 70 other fruit trees per acre. Neither type of reserve can be used for economic gain other than raising trees, and livestock is not permitted on the reservation.

Geothermal Heating & Cooling System Exemption

February 1st – Value added from installation of a geothermal system on July 1st, 2012 or later.

Historic Property Rehabilitation

February 1st – Property in Iowa listed on the national register of historic places, a designated historical site, or located in an area of historical significance. Please see Iowa Code section 427.16 for more details.

Mobile Home Park Storm Shelter Property Tax Exemption

February 1st – A structure constructed as a storm shelter at a manufactured home community or mobile home park.

Native Prairie or Wetlands Property Tax Exemption

February 1st - Land designated as a native prairie or a protected wetland by the Department of Natural Resources. See Iowa Code section 427.1 (23) for details.

Iowa Pollution Control and Recycling Exemption

February 1st – Qualified pollution control or recycling property which has been certified by the Department of Natural Resources. See Iowa Code section 427.1 (19) for more details.

Nonprofit and Charitable Organizations Property Tax Exemption

February 1st – Property used for religious, educational, or charitable purposes. Property cannot be used for profit, and is limited to 320 acres. See Iowa Code section 427.1 (14) for more details.

Speculative Shell Buildings Property Tax Exemption

Construction of shell buildings by community development organizations, not-for-profit cooperative associations, or for profit entities for speculative purposes

Grain Tax Return

Must be filed each year between January 1st and 60 days thereafter. For more information, see Iowa Code Section 428.35.

Section 42 Reporting Form

Must be filed by March 1st of each year. A $500 penalty is imposed for failure to notify the assessor when a property is withdrawn from the Section 42 Program. This notification must also be provided by March 1st of the assessment year.

Free viewers are required for some of the attached documents.
They can be downloaded by clicking on the icons below.

Acrobat Reader Flash Player Windows Media Player Microsoft Silverlight Word Viewer Excel Viewer PowerPoint Viewer