On May 4, 2023, Governor Reynolds signed House File 718, establishing a homestead tax exemption for claimants 65 years of age or older.
In addition to the homestead tax credit, eligible claimants who own the home they live in and are 65 years of age or older on or before January 1 of the assessment year are now eligible for a homestead tax exemption. For the assessment year beginning on January 1, 2023, the exemption is for $3,250 of taxable value. For assessment years beginning on or after January 1, 2024, the exemption is for $6,500 of taxable value. An exemption is a reduction in the taxable value of the property rather than a direct reduction in the amount of property tax you pay.
Please stop into the Assessor's Office, Clay County Administration Building, 300 W 4th St, Spencer to apply for this new exemption if you were 65 on or before January 1, 2023 and live in the home. For questions, you may call the office at 712-262-1986. The exemption will be applied to the property tax for the 2024/25 taxes. The filing deadline is July 1st, 2023. Any applications received after that date will be valid for the 2024 assessment year. The exemption is a one-time application with the exemption being in effect as long as the property owner is eligible.