Iowa businesses who pay commercial property taxes are eligible for up to a $500 reduction on their property taxes next year.
The application form for the Business Property Tax Credit is now available and must be submitted by January 15, 2014, to your local county or city assessor.
The $500 tax credit was part of a bi-partisan property tax bill passed by the Legislature earlier this year and will increase every year to nearly $2,000 annually for many commercial property owners. The credit is available for property classified as commercial, industrial, or railroad property and will be applied to tax statements due Fall 2014.
For questions or to download the application, the Iowa Department of Revenue has created a website focused on commercial property tax reform. The website, including the application form to apply for the credit, can be found at http://www.iowa.gov/tax/locgov/13PTReform.html.