§ 425.19 — Claim and credit or reimbursement

Iowa § 425.19

• Jurisdiction: Iowa
• Title X: FINANCIAL RESOURCES
• Ch. 425: HOMESTEAD TAX CREDITS, EXEMPTIONS, AND REIMBURSEMENT

Text

reimbursement. 425.40 Low-income fund created.
SUBCHAPTER I
HOMESTEAD TAX CREDITS AND EXEMPTIONS
Referredtoin§425.17, 435.26
425.1 Homestead credit fund — apportionment — payment.
1. a. A homestead credit fund is created. There is appropriated annually from the general
fund of the state to the department of revenue to be credited to the homestead credit fund,
an amount sufficient to implement this subchapter.
b. The director of the department of administrative services shall issue warrants on the
homestead credit fund payable to the county treasurers of the several counties of the state
under this subchapter.
2. The homestead credit fund shall be apportioned each year so as to give a credit against
the tax on each eligible homestead in the state in an amount equal to the actual levy on the
first four thousand eight hundred fifty dollars of actual value for each homestead.
3. TheamountdueeachcountyshallbepaidintwopaymentsonNovember15andMarch
15 of each fiscal year, drawn upon warrants payable to the respective county treasurers. The
two payments shall be as nearly equal as possible.
4. Annually the department of revenue shall certify to the county auditor of each county
the credit and its amount in dollars. Each county auditor shall then enter the credit against

the tax levied on each eligible homestead in each county payable during the ensuing year,
designating on the tax lists the credit as being from the homestead credit fund, and credit
shall then be given to the several taxing districts in which eligible homesteads are located in
an amount equal to the credits allowed on the taxes of the homesteads. The amount of credits
shall be apportioned by each county treasurer to the several taxing districts as provided by
law, in the same manner as though the amount of the credit had been paid by the owners of
the homesteads. However, the several taxing districts shall not draw the funds so credited
until after the semiannual allocations have been received by the county treasurer, as provided
in this subchapter. Each county treasurer shall show on each tax receipt the amount of credit
received from the homestead credit fund.
5. If the homestead tax credit computed under this section is less than sixty-two dollars
and fifty cents, the amount of homestead tax credit on that eligible homestead shall be
sixty-two dollars and fifty cents subject to the limitation imposed in this section.
6. The homestead tax credit allowed in this subchapter shall not exceed the actual
amount of taxes payable on the eligible homestead, exclusive of any special assessments
levied against the homestead.

Legislative History

[C35, §6943-f63, -f64; C39, §6943.100, 6943.142; C46, §422.69, 425.1; C50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §425.1; 82 Acts, ch 1186, §2, 5]