NOTE: This does NOT apply to multifamily apartment properties
The Iowa Property Tax Relief Act, adopted June 12, 2013, created a Business Property Tax Credit for which all owners of Iowa real estate assessed as commercial, industrial and railroad property can apply.
The credit is not automatic, but the owner must submit an application to the local assessor.
The Iowa Department of Revenue most recently released its Application for Business Property Tax Credit, form 54-024a, on October 11, 2013.
This form must be filed by January 15, 2014 in order to received this credit in its first year starting July 1, 2014.
A copy of the form and other details can be found at: http://www.iowa.gov/tax/locgov/13PTReform.html