During the 2013 legislative session, the Iowa legislature enacted a property tax reform bill to reduce property taxes on business and industry. Signed by Governor Terry Branstad in June 2013, this legislation included a Business Property Tax Credit which is applied toward property tax due on the 2013 property assessment and payable in the fall of 2014 and spring 2015.
If you own commercial, industrial or railroad property and want to apply for the credit, you must file an Application for Business Property Tax Credit with the city or county assessor’s office in which the real estate is located no later than January 15, 2014. You should contact your city or county assessor for instructions on how to obtain and complete an application form.
For credit on taxes payable for the fiscal year to begin July 1, 2014, the application must be filed with the appropriate county assessor’s office no later than January 15, 2014. Once a claim has been filed and the credit is allowed there is no need to re-file the claim as long as the parcel or property unit continues to qualify for the credit.
If you have any questions or concerns, please consult your tax adviser, contact your local city or county assessor office, or visit the Iowa Department of Revenue website.
