January 3, 2014 ~ In 2013, Governor Branstad signed into law legislation establishing a Business Property Tax Credit (BPTC) for qualifying commercial, industrial or railway property in Iowa. Applications must be filed in the assessor's office by January 14, 2014, for the first year application and tax credit. Any forms received after this date will miss the credit for the first year. Once the BPTC is assigned, property owners will not have to refile for it, unless there is a change in the ownership. After this first year, the deadline for each subsequent year to file is March 15th of each year.
To apply and qualify for the tax credit, you must certify in writing that the property is not rented or leased to low-income individuals or families. Also, your property cannot be a mobile home park, manufactured home community, land-leased community, or assisted living facility as defined under Iowa law, or used for human habitation containing three or more separate dwelling units. Each application must contain only one business unit; multiple units need to be filed on separate applications (a business unit is described as: parcels that have the same owner and the parcels are contiguous (touching property lines) and that are classified the same (either owner-occupied or landlord/tenant.)
To learn more about how to apply for the new Iowa BPTC, contact the Goosmann Law Firm at 712.226.4000 or Jeana@goosmannlaw.com.