Form 54-001 - Iowa Property Tax Credit Claim

For 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, 2003, 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, 2003, 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 2004-2005. .............................................................

_____________

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

9,154.99 ------------------ enter 100% on Line M

9,155

10,231.99 ------------------ enter 85% on Line M

10,232

11,308.99 ------------------ enter 70% on Line M

11,309

13,462.99 ------------------ enter 50% on Line M

13,463

15,616.99 ------------------ enter 35% on Line M

15,617

17,770.99 ------------------ enter 25% on Line M

17,771 or greater --------------------------------- no credit allowed

J. Gross property tax due (include homestead credit) during fiscal year 2004-2005 ___________

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 2004-2005 _________________

P. Property tax credit: Subtract line O from line N. ____________________________________

Return this form to your County Treasurer by June 1, 2004, or, if the treasurer has extended the filing deadline, by

September 30, 2004. Also, the Director of Revenue may extend the filing deadline to December 31, 2005.

Side 2

54-001b (6/4/03)

Form 54-001 - Iowa Property Tax Credit Claim - 2004 Page 2

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