Businesses Eligible for $500 Property Tax Cut Next Year;
Businesses Eligible for $500 Property Tax Cut Next Year; Application Required
Des Moines, Iowa – Iowa businesses who pay commercial property taxes are eligible for up to a $500 reduction on their property taxes next year.
“The property tax package we approved last session will help our small businesses be more competitive while also reducing property taxes for all Iowa businesses,” said State Representative Bob Kressig of Cedar Falls. “All commercial property owners will receive a letter from their local assessor with a simple one-page application that must be completed and returned to receive the property tax credit.”
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.
The application form must be submitted by January 15, 2014, to the local county or city assessor.
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