Iowa Business Property Tax Credit Application

Business Property Tax Credit Application
Business Property Tax Credit Application, 54024
Application for Business Property Tax Credit

Iowa Code chapter 426C and Iowa Administrative Code 701—80.30
This application must be received by the city or county assessor where the property is located on or before July
1. An application received after July 1 will be considered as an application for the following year. Upon the filing
of a claim and allowance of the credit, the credit is allowed on the parcel or property unit for successive years
without further filing as long as the property satisfies the requirements for the credit. Contact information for all
assessors can be found at the Iowa State Association of Assessors website: iowa-assessors.org.
Applicant/Owner contact information – please print
Name: __________________________________________________________________________________
Mailing address: __________________________________________________________________________
Phone: ___________________ Email: _______________________________________________________
Date: _____________________ City/County assessing jurisdiction: _________________________________
Owner’s name: ___________________________________________________________________________
Parcel numbers (attach additional sheets if necessary):
__________________________________________

__________________________________________

__________________________________________

__________________________________________

Property address: _________________________________________________________________________
_________________________________________________________________________
I certify that this parcel, or property unit, as defined in Iowa Code section 426C.1, is classified and taxed as
commercial, industrial, or railway property under chapter 434. I certify that the property is not rented or leased to
low-income individuals or families as authorized by section 42 of the Internal Revenue Code.
I certify that the property/property unit indicated above is not a mobile home park, manufactured home
community, land-leased community, or assisted living facility, as those terms are defined in section 441.21,
subsection 13, or property primarily used or intended for human habitation containing three or more separate
dwelling units and not eligible for the credit.
I, the undersigned, declare under penalties of perjury or false certificate, that I have examined this application,
and, to the best of my knowledge and belief, it is true, correct, and complete.
Signature: _______________________________________________________ Date: ___________________
Written notification must be given to the assessor if this property unit ceases to qualify for the credit.
Office use only:

Assessment year applicable: ______________

Assessor or authorized representative:
I recommend that the application be:

allowed ☐

disallowed ☐ (Provide reasons below)

Reasons for disallowance: ___________________________________________________________________
________________________________________________________________________________________
Signed: _________________________________________________________ Date: __________________
Board of Supervisors:

allowed ☐

disallowed ☐

Date: __________________

County #: ______________ Year of application: _________________ Unit #: ________________________
# of Parcels: ____________ Sequence: _______________________________________________________

54-024a (10/27/2021)

Business Property Tax Credit Claim Instructions, page 2
Definitions
“Parcel” means as defined in Iowa Code section
445.1 and, for purposes of business property tax
credits, claimed for fiscal years beginning on or after
July 1, 2016, “parcel” also means that portion of a
parcel assigned to be commercial property,
industrial property, or railway property under Iowa
Code chapter 434.
“Contiguous parcels” means any of the following: a.
Parcels that share a common boundary. b. Parcels
within the same building or structure regardless of
whether the parcels share a common boundary. c.
Permanent improvements to the land that are
situated on one or more parcels of land that are
assessed and taxed separately from the permanent
improvements if the parcels of land upon which the
permanent improvements are situated share a
common boundary.
“Property unit” means contiguous parcels all of
which are located within the same county, with the
same property tax classification, are owned by the
same person, and are operated by that person for a
common use and purpose.
“Dwelling unit” means an apartment, group of
rooms, or single room that is occupied as separate
living quarters, or, if vacant, is intended for
occupancy as separate living quarters, in which a
tenant can live and sleep separately from any other
persons in the building. A vacant dwelling unit that
does not have active utility services is not
considered to be intended for occupancy. Dwelling
units do not include hotels, motels, inns, or other
buildings where rooms are rented for less than one
month.
Claims for credit
The initial application form may be filed by a “person”
which under Iowa law is defined as an individual,
corporation, limited liability company, government,
government subdivision or agency, business trust,
estate, trust, partnership or association or any other
legal entity.
Applications for the business property tax credit
must be received on or before July 1 of the
assessment year. For example, the first application
for a business property tax credit against property
taxes due and payable during the fiscal year
beginning July 1, 2017, must be received in the
office of the assessor on or before July 1, 2016.If the
claim for the tax credit is allowed, it continues to be
allowed on the parcel or property for successive
years as long as the parcel or property unit satisfies
the requirements for the credit.
If the parcel or property unit no longer qualifies for
the credit, the owner shall provide written notice to

the assessor on or before the filing date after the
date the property ceases to be qualified for the
credit.
If all or a portion of a parcel or property unit that is
allowed a credit is sold, transferred, or ownership
otherwise changes, the buyer, transferee, or new
owner who wishes to receive the credit must refile
the claim for credit.
Eligibility and amount of credit
A person may claim and receive one credit for each
eligible parcel unless the parcel is part of a property
unit for which a credit is claimed.
A person may claim and receive one credit for each
property unit. A credit approved for a property unit
shall be proportionally allocated to the several
parcels within the property unit in the proportion that
each parcel’s total amount of property taxes due and
payable bears to the total amount of property taxes
due and payable on the property unit.
Only parcels classified and taxed as commercial
property, industrial property, or railway property
under Iowa Code chapter 434 are eligible for a
credit.
Property units are comprised of parcels assessed as
commercial property, industrial property, or railway
property under Iowa Code chapter 434, in the same
county, with the same classification, owned by the
same person, are contiguous as defined above, are
separate items on a tax list, and are operated by that
person for a common use and purpose.
Property that does not qualify: (1) Property that is
rented or leased and authorized by section 42 of the
Internal Revenue Code for the applicable
assessment year (low income housing). (2) Property
that is a mobile home park, manufactured home
community, land-leased community, or assisted
living facility as those terms are defined in Iowa
Code section 441.21, subsection 13, or that is
property primarily used or intended for human
habitation containing three or more separate
dwelling units.
Instructions to assessors
The assessor remits the claims for credit to the
county auditor with the assessor’s recommendation
for allowance or disallowance. If disallowance is
recommended, the assessor shall submit the
reasons for the recommendation, in writing, to the
county auditor. The county auditor forwards the
claims and recommendations to the board of
supervisors. The board shall allow or disallow the
claims. The board shall notify claimant of
disallowance.

54-024b (10/27/2021)