finance

Iowa Homestead Credit

A property tax credit under Iowa Code 425.1 for an owner who legally or equitably owns and occupies the home on July 1, declares Iowa residency, and lives there at least six months a year. The claim is filed with the county or city assessor by July 1; later claims apply to the following year. The credit equals the tax levy on the first $4,850 of actual value, with a $62.50 minimum. It renews automatically, but a buyer must file a new claim after purchase.