The Iowa Commercial Property Tax Credit (the “Credit”) was created as part of comprehensive property tax reform legislation passed by the Iowa General Assembly and signed by the Governor in 2013. To receive the Credit for property taxes paid during the first available year (i.e., the fiscal year from July 1, 2014 through June 30, 2015), property owners were required to file a claim on or before January 15, 2014. Absent any changes in ownership, property owners that applied for and were awarded the Credit as of July 1, 2014 do not need to take any additional action in order to qualify for subsequent years. Additional information regarding the 2013 legislation can be found at http://www.nyemaster.com/blogs/tax-law-update/understanding-the-new-iowa-property-tax-legislation-part-2-commercial-property-tax-credit.
However, if all or a portion of a property unit that previously qualified for the Credit is sold or transferred, the buyer or transferee must re-file for the Credit on the acquired property. Additionally, for sales of a portion of an eligible property unit, the owner of the portion for which ownership did not change must re-file for the Credit. Finally, claims should be filed by property owners that, for whatever reason, failed to apply for the Credit on qualifying property units in 2014. Claims to be applied against property tax paid during the fiscal year beginning July 1, 2015 must be filed with the applicable city or county assessor on or before March 15, 2015.