BUSINESS PROPERTY TAX CREDIT FILING DEADLINE NEARS

The Iowa Department of Revenue reminds owners of commercial, industrial, and railroad properties that applications for a Business Property Tax Credit against 2013 property tax assessments must be received by county or city assessors by Wednesday, Jan. 15. Applications received after that date will be considered for the 2014 assessment year. Once the initial application has been received and the credit allowed, property owners do not need to apply again unless the ownership or classification of all or part of the property unit changes. Senate File 295 provides a Business Property Tax Credit for certain commercial, industrial, and railroad properties. The credit does not apply to residential or agriculturally classified property. The Legislative Services Agency has estimated that the maximum first year credit amount will be approximately $523. Qualified property owners who have not yet applied are urged to contact their local assessors for instructions. For more information on the Business Property Tax Credit, including assessor information and the Application form, visit the Department's website at http://www.iowa.gov/tax/locgov/13PTReform.html.