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Business Property Tax Credit Filing Deadline Nears

Des Moines, Iowa, January 8, 2014 -- 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 January 15, 2014. Applications received after January 15, 2014 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.

The Business Property Tax Credit is one of the components of the largest tax cut in Iowa history signed into law by Governor Branstad on June 12, 2013. 2013 Iowa Acts 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. One credit is available for each qualified property unit. A property unit consists of contiguous parcels of the same classification that are owned by the same person and operated by that person for a common use and purpose. The actual amount of credit each property unit will receive depends in part upon the total value of all property units and the average consolidated rates in each unit. The credit calculation is designed to spend ninety-eight percent of the amount appropriated by the Legislature to the Business Property Tax Credit Fund. For the first year of the credit $50 million was appropriated to the Fund. The Legislative Services Agency has estimated that the maximum first year credit amount will be approximately $523.

The Department urges qualified property owners who have not yet applied to contact their local assessors for instructions. The Department has a page on its website devoted exclusively to 2013 commercial property tax reform, including the Business Property Tax Credit. The web page contains a link to contact information for all 107 Iowa Assessors as well as a link to the Business Property Tax Credit Application form. In addition, the page contains answers to questions that have been asked about the Business Property Tax Credit (Q and As).

For more information on the Business Property Tax Credit, including assessor information and the Application form, visit the Department's website at

Additionally, you can sign up for the Department's Property Tax Reform eList at

The mission of the Iowa Department of Revenue is to serve Iowans and support state government by collecting all taxes required by law, but no more.


For additional information contact:
Victoria L. Daniels
Iowa Department of Revenue
(515) 281-8450




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