House Bill 718: Homestead Exemption for Taxpayers 65 or Older

posted on 6/5/23
posted by Assessor (Sioux City)

GOVERNOR REYNOLDS SIGNS HOUSE BILL 718: HOMESTEAD EXEMPTION FOR TAXPAYERS 65 OR OLDER

This exemption is on top of receiving your yearly Homestead credit
Takes $3,250 off your taxable value for 2023 assessment year (taxes payable Sept. 2024/March 2025); $6,500 off 2024 assessment year (taxes payable Sept. 2025/March 2026)
Must be at least 65 on or before January 1, 2023
After applying, this exemption will stay on for consecutive years – there is no need to re-apply each year
For military veterans, the state is automatically increasing the exemption from $1,852 to $4,000 starting with the 2023 assessment year – there is no need to re-apply for that credit if you already have it
Disabled or Elderly Tax Credit (INCOME based) is handled through the Woodbury County Treasurer’s Office at 822 Douglas St. All questions need to be directed to their office. 712-279-6495

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