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Iowa Commercial Property Reform Tax Credit - Deadline Jan. 15

During the 2013 Legislative Session, the State of Iowa passed Property Tax Reform. This legislation includes a Business Property Tax Credit for commercial, industrial, and railway property under new Iowa Code chapter 426C for property taxes due and payable in fiscal years beginning on or after July 1, 2014. This credit is similar to the Homestead Credit.

If you own commercial, industrial, or railway property for your business, you must apply for this credit!

Each person who wishes to claim a business property tax credit must file a claim with their County Assessor by JANUARY 15th, 2014. Once you apply, the credit is allowed on the parcel or property unit for successive years unless there is a change in the parcel or ownership.

In addition, the new code modifies the methodology used to determine the percentage of actual value at which commercial property and industrial property are assessed. For the assessment year beginning January 1, 2013, the percentage of actual value at which commercial and industrial property are assessed is 95%. For the assessment years thereafter the percentage of actual value will be assessed at 90%.

This rollback is automatically applied.

If you have questions please contact your local County Assessor's Office.

Instructions:

http://www.iowa.gov/tax/locgov/BPTCInstructions.pdf

 

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