Find out what market value is, how the Lee County Assessor estimates market value, why values change; included here are dates to remember regarding assessments.


  Lee County Assessor - Credits and Exemptions

Iowa law provides for a number of credits and exemptions. It is the property owner’s responsibility to apply for these as provided by law. It is also the property owner’s responsibility to report to the Assessor when they are no longer eligible for any credit or exemption they have applied for. Following is a list of several credits and exemptions available in Iowa.


HOMESTEAD TAX CREDIT
To qualify for the credit, the property owner must be a resident of Iowa and occupy the property on July 1 and for at least six months every year. New applications for homestead tax credit are to be filed with the Assessor on or before July 1 of the year the credit is first claimed. Once a person qualifies, the credit continues until the property is sold or until the owner no longer qualifies. This credit reduces the value on which taxes are calculated by a maximum of $4,850. 
(Refer to Code of Iowa, Chapter 425)


MILITARY TAX EXEMPTION
To qualify for the exemption, the property owner must be a resident of Iowa, have been involved in a full-time active duty during a war or conflict, and have been honorably discharged. New applications must be made with the Assessor on or before July 1 of the year the exemption is first claimed. As with the Homestead Tax Credit, the exemption remains in effect until the property owner is no longer eligible. This exemption is worth the taxes calculated on $2,778 for WWI veterans and $1,852 for all others after that time.
(Refer to Code of Iowa, Chapter 427)


FAMILY FARM TAX CREDIT
This is a tax credit on agriculture tracts of land consisting of 10 acres or more that are farmed by the owner or the owner’s immediate family members. (Immediate family includes spouse, brothers/sisters, sons/daughters, grandchildren, great grandchildren, uncles/aunts, nephews/nieces). New applications for Family Farm tax credit are to be filed with the Assessor on or before November 1 of the year the credit is first claimed. Once a person qualifies, the credit continues until the property is sold or until the owner no longer qualifies.
(Refer to Code of Iowa, Chapter 425A)


BUSINESS PROPERTY TAX CREDIT
The Business Property Tax Credit (BPTC) is a credit against taxes based on valuation for commercial, industrial and railroad property.  For BPTC applications received and approved by January 15, 2014, the credit will be applied to the 2013 assessment and therefore calculated as a credit on the Fall 2014 and Spring 2015 property tax statement.  For all future years, the deadline for applying in the local Assessor's office is July 1.
Property owners may claim and receive one credit for each eligible parcel unless the parcel is a part of a property unit for which a credit is claimed.  A property unit is defined in the law as "contiguous parcels all of which are located within the same county, with the same property tax classification, owned by the same person, and operated by that person for a common use and purpose."  Eligible parcels, or property units, must be classified and taxed as commercial, industrial or railroad property.


Following is a list of several other credits and exemptions administered by the Assessor’s office.  Filing is required on them as provided by Iowa law.
EXEMPTION FILING DEADLINE FILING REQUIREMENT
Barn & One-Room School House February 1 One Time
Exempt Property- Religious, Literary, Charitable February 1 One Time
Forest Reservation February 1 One Time
Fruit Tree February 1 One Time
Historic Property February 1 One Time
Impoundment Structure February 1 Annual
Indian Housing Authority February 1 One Time
Industrial Property Tax February 1 One Time
Low Rent Housing February 1 One Time
Methane Gas Conversion February 1 One Time
Mobile Home Park Shelter February 1 One Time
Natural Conservation of Wildlife Areas February 1 Annual
Native Prairie February 1 Annual
Pollution Control February 1 One Time
Recycling February 1 One Time
Speculative Shell Building February 1 One Time
Urban Revitalization February 1 One Time
Wetlands February 1 Annual
Wildlife Habitat February 1 One Time
Disabled Veteran Homestead July 1 One Time
Homestead July 1 One Time
Military July 1 One Time
Family Farm November 1 One Time


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