Tax credit deadlines approaching

CEDAR RAPIDS - Several deadlines for property tax exemptions are approaching.

Filing for the 2016 Homestead Property Tax Credit, Disabled Veteran Homestead Tax Credit, Military Exemption, and Business Property Tax Credit is due by July 1.

The homestead credit is available to people who own and occupy their home as of July 1 of each year, live there at least six months of the year, and declare residency in Iowa for income tax purposes. It applies to the first $4,850 of property value. The program was created to encourage homeownership. Once claimed, filing in subsequent years isn't necessary as long as the property owner remains eligible.

Disabled veterans with 100 percent service-related disability can get credit equal to 100 percent of the tax levy. According to the city assessor, veterans with a permanent and total disability rating based on individual unemployability paid at the 100 percent disability rate also apply. The same occupancy rules apply as with the homestead credit.

Military veterans honorably discharged may qualify for an exemption if they are a resident and domiciled in Iowa and are the legal owner of the property upon which the claim for exemption is filed. Each honorable discharged veteran is allowed one military exemption in Iowa, according to the assessor's office.

Commercial or industrial property owners may be eligible for the Business Property Tax Credit. If they have not changed the ownership, use, purpose, legal description of their property they don't have to reapply.

More information is available at the Cedar Rapids City Assessor's website at cedarrapids.iowaassessors.com. Questions can be directed to the office at 319-286-5888.