Guthrie County business owners have three months to hand in applications to the County Assessor’s Office that could help them qualify for property tax credits.

This past spring, the Iowa legislature passed file 295, a law intended to give property tax relief to business owners in the state.  Applications must to be filed by January 15th in order to qualify for this “Business Property Tax Credit.”

The credit will first be available for 2013 business valuations, and taxes will be payable in September 2014 and March 2015, as long as applications are filed by the deadline.

Guthrie County Assessor Rusty Pearson says there is a set dollar amount of money available that the legislature has earmarked–this year the total is $50 million–and it will be spread across the state.  The number of applications will determine how much credit is available per business owner.

Pearson says he’s hearing estimates that there could be between $400 and $500 available in tax credits per operating business unit.

Pearson wants to notify businesses about the credit far in advance before it gets too late in the process and they can no longer apply.

“It’s new, it’s different.  People aren’t going to know about it.  They’re gonna look back when they get their tax statement and say, ‘why does my neighbor have it and you don’t’.  And that’s going to be a hard one because I have no authority to change things once that happens.  So we’re putting a lot time in on the front end hoping to prevent that unpleasant phone call of, ‘where’s my credit?’.”

Applications for the tax credit can be picked up at the Assessor’s Office in the Guthrie County Courthouse.

Anyone with questions about the Business Property Tax Credit or it’s application can contact Pearson at 641-747-3319.