Credits & Exemptions

Iowa law provides for a number of credits and exemptions. It is the property owner's responsibility to apply for these as provided by law. It is also the property owner's responsibility to report to the Assessor when they are no longer eligible for any credit or exemption they have applied for.  

Applications must be printed, signed and mailed (or emailed as a PDF) to the office. The websites DO NOT submit any applications to our office.  

For all eligibility requirements, please refer to the relevant sections of the Code of Iowa and the Iowa Administrative Code rules found on each form.

All Credits and Exemptions forms can be found at the Iowa State Association of Assessor's website or the Iowa Department of Revenue's website under Taxpayer information at:

Credits and Exemptions - ISAA (iowa-assessors.org) OR Local Government | Department of Revenue

Forms for Homestead Tax Credit and Exemption and the Military credit can also be found on the Beacon website at:

Beacon - Story County, IA / City of Ames - Search (schneidercorp.com)

Search for your address to find the property.  The form is at the bottom of the page and will prefill the information regarding the ownership, address and legal description for your property. 

Homestead Tax Credit

Iowa Code Chapter 425

Iowa Administrative Code 701-110

Filing Responsibility:

  • It is the responsibility of the owner to file a homestead tax credit and homestead exemption form with their respective city or county assessor on or before July 1 of the year the owner is first claiming the credit.
  • Example: To sign up for the tax credit to take effect for the 2025 assessment year, homestead exemption needs to be filed on or before July 1, 2025. After that date, the homestead credit will not take effect until the 2026 assessment year.
  • Please note: Qualifying claimants who apply for the 2025 assessment year will first see the credit on their property tax statements in August of 2026.
  • Claim is allowed for successive years without refiling as long as nothing changes from the way the claimant was originally eligible. 

How to File:

  • City of Ames residents located within the city limits:  You can now complete the form(s) online at www.AmesAssessor.org, print and sign the form and then mail or drop off the form; or stop into the office in person. The office is located on the second floor of City Hall (515 Clark Avenue). It is open Monday thru Friday from 8 a.m. to 5 p.m.

Selling Or Moving to a New Home:

  • Written notification must be given to the assessor of the discontinued use of your home as your homestead.

Eligibility:

  • Any person who owns a home and occupies it. (Refer to Iowa Code Chapter 425 and IAC rule 701-110.1 for a complete list of eligible owners)
  • Must own and occupy the property as a homestead on July 1 of each year.
  • Declare residency in Iowa for income tax purposes.
  • Occupy the property for at least six months each year. Exception: Persons in the military deployed to active duty remain eligible while deployed. 

Amount of credit:

This credit is calculated by taking the levy rate times 4,850 in taxable value.

Homestead 65+ Exemption 

In addition, those that qualify for the homestead tax credit, those applicants that are 65 years of age or older on or before January 1 of the assessment year are now eligible for a homestead tax exemption. Claimants are able to file a claim for the homestead exemption on the same form as the claim for homestead credit. You must file or have an existing homestead credit before you are eligible for the homestead exemption. 

Eligibility:

Have a homestead credit under the qualifications above and:

  • An owner who is 65 or older as of January 1 
  • Claimant must be a deed holder as recorded (spouse not on a deed are not eligible for the exemption)

Amount of exemption:

This exemption is $6,500 off of the taxable value.

Military Service Tax Exemption

Iowa Code Chapter 35 Section 1 and Chapter 426A

Filing Responsibility:

  • It is the responsibility of the claimant to file a military exemption form with their respective city or county assessor on or before July 1 of the year the owner is first claiming the exemption.
  • Example: To sign up for the tax exemption to take effect for the 2025 assessment year, the form needs to be filed on or before July 1, 2025. After that date, the military exemption will not take effect until the 2026 assessment year.
  • Please note: Qualifying claimants who apply for the 2025 assessment year will first see the exemption on their property tax statements in August of 2026.

How to File:

  • City of Ames residents located within the city limits:  You can now complete the form(s) online at www.AmesAssessor.org, print and sign the form and then mail or drop off the form; or stop into the office in person. The office is located on the second floor of City Hall (515 Clark Avenue). It is open Monday thru Friday from 8 a.m. to 5 p.m.

Eligibility:

  • A resident of the State of Iowa 
  • DD-214 (or equivalent military service record ) showing the service member was honorably separated, retired or discharged from the Armed Forces for the United States or Iowa National Guard.
  • Military personnel who:
  • Served full time active duty (other than active duty for training purposes) during one of the periods of war or conflict enumerated in Iowa law.
  • A member of the United States Reserve Forces or Iowa National Guard who completed a minimum aggregate of ninety days of active federal service, other than training or was retired under Title X of the United States Code. 
  • A member of the Iowa National Guard who was activated for federal duty, other than training, for a minimum aggregate of ninety days, or was retired under Title X of the United States Code. 
  • Former members of the Armed Forces of the United States who performed at least 18 months of military service, regardless of the time period. 
  • Former members of the Armed Forces of the United States who performed less than 18 months of military service, regardless of the time period, and who were honorably discharged due to a service-related injury are eligible.
  • Former members of the United States Reserves and Iowa National Guard who completed at least 20 years of military service and were honorably discharged are eligible.
  • Current members of the United States Reserves and Iowa National Guard who have completed at least 20 years of military service are eligible.
  • A spouse or surviving spouse when the veteran does not claim the exemption.
  • Only ONE military exemption is allowed for the veteran within the state of Iowa. 
  • Claim is allowed for successive years without refiling as long as nothing changes from the way the claimant was originally eligible. 

DD-214:

A copy of the veteran's discharge papers, usually Form DD-214, must be filed with the Story County Recorder's Office prior to applying for the military exemption.

To find out more information on how to get a copy of your DD-214 go to the National Archives Web site or contact the Veteran's affairs office. 

Amount of exemption:

This exemption is $4,000 off of the taxable value.

Disabled Veteran's Homestead Credit

Filing Responsibility:

  • It is the responsibility of the claimant to file a DAV homestead credit form with their respective city or county assessor on or before July 1 of the year the owner is first claiming the credit.
  • Example: To sign up for the DAV tax credit to take effect for the 2025 assessment year, the form needs to be filed on or before July 1, 2025. After that date, the DAV tax credit will not take effect until the 2026 assessment year.
  • Please note: Qualifying claimants who apply for the 2025 assessment year will first see the DAV tax credit on their property tax statements in August of 2026.
  • Claim is allowed for successive years without refiling as long as nothing changes from the way the claimant was originally eligible. 

Note: If you receive a DAV tax credit, you are not eligible to receive any other military tax credit or exemption on the property during the timeframe you claim the credit for this or any other property in the state of Iowa.

How to File:

  • City of Ames residents located within the city limits:  Contact the office which is located on the second floor of City Hall (515 Clark Avenue) or call 515-239-5370. It is open Monday thru Friday from 8 a.m. to 5 p.m.

Eligibility:

  • A resident of the State of Iowa 
  • DD-214 (or equivalent military service record ) showing the service member was honorably separated, retired or discharged from the Armed Forces for the United States or Iowa National Guard
  • Benefits Paid letter within 12 months of the application showing the veteran has a permanent service-connected disability rating of 100% or a permanent and total disability rating based on individual unemployability paid at the 100% disability rate. 

DD-214:

A copy of the veteran's discharge papers, usually Form DD-214, must be filed with the Story County Recorder's Office prior to applying for the credit. 

To find out more information on how to get a copy of your DD-214 or a Benefits Paid letter, go to the National Archives Web site or contact the Veteran's affairs office. 

Amount of credit:

100% of the total taxes levied for properties within the city limits up to ½ acre or outside city limits up to 40 acres.

 

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