IA · Percent of value
Iowa homestead exemption
Yes.
- Main exemption
- 10% of valueTaxable value of the homestead (assessment year 2026 onward)
- Filing deadline
- July 1
- Own and live there by
- July 1
- Renewal
- Renews automatically
- Where to file
- City or county assessor
Yes. Starting with the 2026 assessment year (taxes paid in September 2027 and March 2028), Iowa's homestead exemption removes 10% of your home's taxable value, with a minimum of $5,500 and a maximum of $20,000; it replaces the old credit worth the tax on $4,850 of value. Owners 65 or older get an extra $6,500 of taxable value exempt. File Form 54-028 with your city or county assessor by July 1.
Last verified · Sources
How much the Iowa exemption is worth
SF 2472 (signed May 18, 2026) replaced the homestead credit with an exemption of 10% of taxable value, minimum $5,500 and maximum $20,000. The maximum is adjusted for inflation from assessment year 2027.
10% of value · applies to taxable value of the homestead (assessment year 2026 onward) · source
Who qualifies
- You own the home and occupy it as your homestead on July 1
- You declare Iowa residency for income tax purposes and live in the home at least six months a year
- People in the military or in nursing homes who cannot occupy the home are still eligible
Deadline and renewal
File with the assessor no later than July 1 of the year you first claim it. A claim filed after July 1 counts for the following year.
Once allowed, it continues in later years without refiling while you own and live in the home. People who had the old credit before July 1, 2026 get the new 10% exemption automatically.
If you missed the deadline
A homestead claim filed after July 1 is treated as a claim for the following year. Source.
Form: Homestead Tax Credit and Exemption (54-028) · open the official form
Extra breaks for seniors, veterans and disabled owners
| Who | Program | Amount | Details |
|---|---|---|---|
| Seniors | 65+ homestead exemption | $6,500 off assessed value | Claimants 65 or older on or before January 1 of the assessment year get an extra $6,500 of taxable value exempt. Once allowed, it carries forward without refiling. Source |
| Seniors | Property tax credit for income-qualified owners (70+ expansion) | Not in our data | Owners 70 or older with household income under 250% of the federal poverty level can get a property tax credit. File Form 54-001 with the county treasurer between January 1 and June 1 every year. Source |
| Veterans | Disabled Veteran Homestead Tax Credit | Not in our data | Veterans with a permanent 100% service-connected rating (or permanent and total unemployability paid at 100%) get a credit for the entire tax on the homestead, with no income limit. For claims made on or after July 1, 2026 it covers up to one-half acre; file Form 54-049 with Form 54-028 by July 1. Source |
| Veterans | Military Service Property Tax Exemption | Not in our data | Reduces taxable value for qualified veterans; the amount varies. File Form 54-146 with the local assessor by July 1; later years do not need a new claim on the same property. Source |
| Surviving spouses | Surviving spouse of a disabled veteran | Not in our data | A surviving spouse who inherits from a veteran who had the credit can keep it while living in the home and not remarrying. A surviving spouse receiving DIC payments also qualifies. Source |
Law: Iowa Code §425.2; 2026 Iowa Acts SF 2472
Iowa county guides
Local offices, online filing links and local amounts for 1 county, largest first.
Frequently asked questions
I already had the homestead credit. Do I need to refile for the new exemption?
No. Anyone who had the credit or exemption before July 1, 2026 gets the 10% exemption automatically if still eligible.
What if I file after July 1?
Your claim counts for the following year.
Is the new exemption worth more than the old credit?
Yes. The old credit equaled the tax on $4,850 of value; the new exemption is 10% of taxable value, at least $5,500 and up to $20,000.
When is the homestead exemption deadline in Iowa?
File with the assessor no later than July 1 of the year you first claim it. A claim filed after July 1 counts for the following year.
Do I have to reapply for the homestead exemption in Iowa every year?
Once allowed, it continues in later years without refiling while you own and live in the home. People who had the old credit before July 1, 2026 get the new 10% exemption automatically.
Sources
- Homestead Tax Credit and Exemption · Iowa Department of Revenue
- Iowa Code §425.2 · Iowa Legislature
- Tax Credits and Exemptions · Iowa Department of Revenue
- Disabled Veteran Homestead Property Tax Credit · Iowa Department of Revenue
- Property Tax Credit Expanded · Iowa Department of Revenue
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