The Iowa Business Property Tax Credit is available to owners of commercial and industrial property. The Credit is worth about $3,000 each year. Multi-residential properties are not commercial for purposes of the Credit.
An Application must be filed to claim the Credit. Generally, once the Application is filed the Credit will continue to be received.
However, upon transfer of a part of the property it is essential to reapply for the Credit. Failure to reapply will result in loss of the Credit each year that follows. A transfer of a part of the property occurs whether the transfer is involuntary (e.g., a condemnation) or voluntary (e.g., a boundary adjustment).
The Buyer of commercial and industrial property should make sure the Application is completed and filed.
The Application is filed with the Assessor with jurisdiction over the property. The filing deadline is July 1, 2021.
Make sure you reduce your property tax burden by timely applying for the Business Property Tax Credit.
For more information, contact Dean Spina, dspina@bradleyriley.com 319-861-8725.
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