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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. The below schedule addresses household income qualifications for 2022 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 |
$32,000.00 |
| 2 |
$43,550.00 |
| 3 |
$54,900.00 |
| 4 |
$66,250.00 |
| 5 |
$77,600.00 |
| 6 |
$88,950.00 |
| 7 |
$100,300.00 |
| 8 |
$111,650.00 |
Families/households with more than 8 persons, add $11,350 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.
These changes are effective for claims made on or after January 1, 2022. Claims may be filed with the County Treasurer between January 1 and June 1. The location of your County Treasurer can be found at iowatreasurers.org. View the 2022 Iowa Property Tax Credit Claim (54-001).
To continue to receive notifications of resources and guidance issued by the Department, be sure to subscribe to updates by selecting the tax topics of interest.
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.
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