Deadline for Submission of the New Tax Credit
In a piece of published news by KMA Land, they are encouraging Montgomery County residents as well as in KMAland senior citizens 65 years old to submit their applications for the new tax credit. Deadline for submission until the end of the month of June.
Montgomery County Assessor Shirley Dalton stated that her office is always occupied by applicants submitting their documents to qualify for the new homestead tax credit. Proposed and supported by Governor Kim Reynolds, the Iowa Legislature approved the House File 718. The bill primarily benefits senior citizens ages 65 years old and over, with a tax credit for them for the seniors that are living in their own homes.
Sustainable funds for the Tax Credit?
The funding of the said tax credit will be coming from county coffers without assistance coming from the state funds. Both seniors (husband and wife) are encouraged to apply for the tax credit so that it won’t be a hassle for the other senior that’s been left if something happens to his/her other half.
According to Dalton, the homestead tax credit will work just like the military tax credit. As a start, there will be $3250 off, which will take effect to the 2023 tax year and will reflect on the taxes on September 2024.