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New geo-thermal property tax exemption

December 30, 2012
Reinbeck Courier

In a proposed rule change to the Iowa Code, an exemption from property tax shall be allowed for any "value added" to residential property by any new construction or refitted installation of a geo-thermal heating or cooling system if the system is constructed or installed on the residential property on or after July 1, 2012. The exemption shall also be allowed for a residential dwelling on agricultural land. This exemption is in addition to the Federal & State credits that are available.

The application must be filed with the Assessor by February 1 of the year for which the exemption is requested. The exempt amount is the "value added" or the difference between the cost of a standard heating and cooling system and the cost of the geo-thermal heating and cooling system. Example: The assessed value of a home with a standard heating and cooling system is $100,000. The assessed value of the same home with a geo-thermal heating and cooling system is $110,000. Therefore, the "value added" to the property that is directly attributable to the geo-thermal system is $10,000. In this example, if the application is approved, the property owner would be able to claim a $10,000 exemption from their assessed value for a period of ten years.

Contact your local Assessor's office for the application form or if you have questions.



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