Throughout this year’s overhaul of Iowa’s property tax system, Iowa Senate Democrats were committed to ensuring Iowa small businesses got a fairer shake by bringing their rates closer to the lower rates paid by residential real estate owners. The business property tax credit applies to property taxes due and payable on commercial real estate starting on or after July 1, 2014. When the credit is fully phased in, the tax burden on the first $145,000 of the assessed value of the commercial property of a particular business will be equal to the tax burden imposed on residential property in Iowa. This is intended to significantly reduce the property tax burden upon small businesses.
To receive the credit, property owners must file a claim on forms provided by the applicable city or county assessor. Credits for the fiscal year beginning July 1, 2014 will be based upon the assessed value of properties as of January 1, 2013. These claims will be due January 15, 2014. For subsequent years, claims must be filed with the applicable city or county assessor by the March 15 immediately preceding the fiscal year during which taxes for the credit being claimed are due and payable.
Farm real estate owners continue to pay the lowest property tax rates in the state.
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My buddy actually visited a law office in Morris, IL yesterday to check out his property tax info.
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