Iowa SF29 changes the homestead tax exemption to a credit for owners aged 65 and increases the military service tax exemption.

Iowa SF29 modifies property tax exemptions by converting the homestead tax exemption for owners aged 65 into a credit on actual taxes payable. This credit applies retroactively to assessment years beginning on or after January 1, 2025. Additionally, the bill increases the military service tax exemption to an amount equivalent to the lesser of the actual value of the property or $6,500, also applying retroactively from January 1, 2025. The changes are deemed of immediate importance and take effect upon enactment.

Iowa SF29 changes the homestead tax exemption to a credit for owners aged 65 and increases the military service tax exemption.

Iowa SF29 modifies property tax exemptions by converting the homestead tax exemption for owners aged 65 into a credit on actual taxes payable. This credit applies retroactively to assessment years beginning on or after January 1, 2025. Additionally, the bill increases the military service tax exemption to an amount equivalent to the lesser of the actual value of the property or $6,500, also applying retroactively from January 1, 2025. The changes are deemed of immediate importance and take effect upon enactment.