Form 54-001 - Iowa Property Tax Credit Claim - 2006 Page 2
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1
2For Office Use Only
Treasurer’s Office will complete this side of form when taxes are ready.
SCHEDULE FOR RENTED HOMESTEAD TRACTS
Taxable valuation information for the schedule below may be obtained from your city or county assessor’s office.
A. Number of acres in your Homestead Tract .........................................................................
_____________
B. Number of acres in your Homestead Tract used exclusively by you.
Do not include acres rented or rented on shares. ................................................................
_____________
C. Taxable value as of January 1, 2005, of land in your Homestead used exclusively by you.
Do not include the value of land rented or rented on shares. ............................................ $ _____________
D. Taxable value as of January 1, 2005, of Homestead buildings used exclusively by you.
Do not include the value of rented Homestead building. .................................................. $ _____________
E. Total. Add lines C and D. ................................................................................................... $ _____________
F. Tax Rate for taxes payable in fiscal year 2006-2007. .........................................................
_____________
G. Multiply Line E by Line F. ................................................................................................. $ _____________
H. Enter any Agricultural Land Tax Credit and/or Family Farm Tax Credit you received
on the land valuation as shown on Line C. ....................................................................... $ _____________
I. Subtract line H from line G. Enter this figure here and also on line L below.
This amount cannot exceed your gross taxes. ................................................................... $ _____________
Property Tax Credit Schedule for Line M
If your yearly income from line 18, side 1 is:
$ 0.00
-
9,451.99 -----------------enter 100% on Line M
9,452
-
10,563.99 -----------------enter 85% on Line M
10,564
-
11,675.99 -----------------enter 70% on Line M
11,676
-
13,899.99 -----------------enter 50% on Line M
13,900
-
16,123.99 -----------------enter 35% on Line M
16,124
-
18,347.99 -----------------enter 25% on Line M
18,348 or greater -------------------------------- no credit allowed
J. Gross property tax due (include homestead credit) during fiscal year 2006-2007 ________
K. Special assessments _______________________________________________________
L. Property tax base: Add lines J and K or I and K. Enter this amount or $1,000, whichever is less.
%
M. Percent of property tax base used in computing credit, from the Schedule above. ______
N. Tentative credit: Multiply line L by line M. _____________________________________
O. Homestead Credit applicable to taxes payable in fiscal year 2006-2007 ______________
P. Property tax credit: Subtract line O from line N. _________________________________
Return this form to your County Treasurer by June 1, 2006, or, if the treasurer has extended the filing deadline,
by September 30, 2006. Also, the Director of Revenue may extend the filing deadline to December 31, 2007.
Side 2
54-001b (7/27/05)
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