Homeowners 65 and Over Eligible for Tax Exemption

The City of Waterloo’s Finance Department is reminding homeowners aged 65 or older that you are eligible for a property tax exemption worth $3,250 for the assessment year beginning January 1, 2023. In subsequent years, the exemption will double to $6,500. Exemptions are a reduction in the taxable value of the property, not a direct reduction of how much property taxes a homeowner pays.

On May 4, 2023, Governor Kim Reynolds signed House File 718 establishing this homestead tax exemption.

The Iowa Department of Revenue has amended the Homestead Tax Credit and Exemption (54-028) to allow claimants to apply for the new exemption. Applications are due July 1 to your local assessor. If granted, the exemption will be allowed for future years without future filing as long as the claimant continues to qualify.

To apply for the tax exemption, download and fill out the tax exempt form by following this link: Homestead Tax Credit and Exemption 54-028 | Iowa Department Of Revenue, or contact the Black Hawk County Assessor’s Office.

Applications for exemption are due by JULY 1, 2024.