The tax value of this exemption is the Military Exemption divided by 1,000, multiplied by the Tax Levy Rate.
Homestead Credit: Homeowners may qualify and sign for a Homestead Exemption with the city or county assessor.
Gross Taxes: Equals the Net Taxable Value divided by 1,000 multiplied by the Tax Levy Rate and rounded to the nearest cent.Gross Taxable Value: Equals 100% Actual Value multiplied by the appropriate Rollback Rate.Property owners must sign with the City or County Assessor and qualify under standards set by the State of Iowa. Family Farm Credit: Parcels that qualify for the Ag Land Credit may qualify for the Family Farm Credit if the land is farmed by the taxpayer or rented to a family member.Elderly/Disabled/Low-Income Credit: Property owners may sign for the Elderly, Disabled, Low-Income Credit with the County Treasurer, and must qualify under standards set by the State of Iowa.Consolidated Tax Levy Rate: The total of the Levy Rate for all Levy Authorities within a specific Tax District.Smaller parcels may qualify as they are contiguous to a qualifying parcel and under the same ownership. Ag Land Credit: Parcels with an Agricultural Class of at least 10 acres in size qualify for the Ag Land Credit.100% Actual Value: Determined by the City Assessor or County Assessor, except that values for Utility and Railroad property are determined by the Iowa Department of Revenue.In the following calculations, the " =" symbol stands for equals and the " x" symbol stands for multiplication.ġ00% Actual Value x Rollback Rate by Property Class = Gross Taxable Value less Military Exemption = Net Taxable Value x Consolidated Tax Levy Rate = Gross Taxes less Homestead Credit less Ag Land Credit less Family Farm Credit less Elderly, Disabled, Low-Income Credit = Net Taxes Tax Calculation Terms
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