In 2021, the Iowa legislature passed SF 619. Division 28 of that bill expanded eligibility for the property tax credit under Iowa Code chapter 425, subchapter II based on household income for claimants aged 70 years or older. In other words, claimants aged 70 years or older with higher household income are able to qualify for the property tax credit in 2022 and subsequent years.
Claims may be filed using the Iowa Property Tax Credit Claim (54-001) form with the County Treasurer between January 1 and June 1. Locate your County Treasurer online at iowatreasurers.org.
2023 Income Qualifications
The below schedule addresses household income qualifications for 2023 property tax credit claims for claimants 70 and older. The schedule changes each year.
250% Federal Poverty Level Table | |
|---|---|
| Number of persons in family/household | Total household income is less than or equal to |
| 1 | $33,975.00 |
| 2 | $45.775.00 |
| 3 | $57,575.00 |
| 4 | $69,375.00 |
| 5 | $81,175.00 |
| 6 | $92,975.00 |
| 7 | $104,775.00 |
| 8 | $116,575.00 |
Note: Families/households with more than 8 persons, add $11,800 for each additional person.
Claimants eligible under the new law receive a credit equal to the calculation under the pre-SF 619 property tax credit calculation, or the difference between the actual property taxes due during the applicable fiscal year less the actual property taxes due in the first year the claimant filed a claim, whichever is greater.
IMPORTANT: A claimant aged 70 or older must continue to file for the credit each year in order to receive the maximum benefit of the new credit calculation.