Official Clay County, Iowa website, the
main site for all things related to County Government in Clay County,
Iowa. Courthouse located in Spencer, Iowa.
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.
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 of 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)
To qualify for the exemption, the property owner must be a resident of Iowa,
have been involved in 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)
The agricultural land credit is available to all owners of 10 or more acres of
agricultural land, if the land is used for agricultural or horticultural
purposes. This credit is determined by the county auditor. A claim need not be filed.
This is a tax credit on agricultural tracts of land 10 acres or more that are
farmed by the owner or immediate family members (this incased brothers/sisters,
sons/daughters, grandchildren , uncles/aunts, nephews/ nieces.) To obtain
the credit, the owner must file an application for credit with the assessor by November
1. If the claim for credit is approved, no further filing shall be required provided
the ownership and the designated person actively engaged in farming the property
remain the same during successive years. A new application for credit shall be required
only if the property is sold or the designated person changes. The owner shall provide
written notice to the assessor if the designated person changes. Failure to do so
shall result in the owner's being liable for the amount of the credit plus a penalty
equal to 5 percent of the amount of the credit granted.
Following is a list of several other credits/exemptions administered
by the Assessor's office. Filing is required on them as provided by Iowa law.
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