The laws of some of the states relating to homestead law can be found at the following links. State, federal and territorial homestead exemption statutes vary. Keep in mind: In Iowa, a creditor's ability to collect under a judgment lien will be affected by a number of factors -- including a fixed amount of value that won't be touchable if the property is the debtor's primary residence (called a homestead exemption), other liens that may be in place, and any foreclosure or bankruptcy proceedings. Some states, such as Florida, Iowa, Kansas, Oklahoma, South Dakota and Texas have provisions, if followed properly, allowing 100% of the equity to be protected. State laws greatly vary with respect to homestead law. On January 1, 1863, Daniel Freeman made the first claim under the Act, which gave citizens or future citizens up to 160 acres of public land provided they live on it, improve it, and pay a small registration fee. It must be postmarked by July 1. SECTION 561.5 - Platted by officer having execution. IOWA This application must be filed or mailed toyour city or county assessobr y July 1 of the year in which the credit is first claimed. SECTION 561.3 - Dwelling and appurtenances. Then began a period of time in which to fulfill the requirements of the particular homestead act under which he or she was filing. A homestead exemption is a legal mandate that shields a homeowner from the loss of his or her home, usually due to the death of a home-owning spouse, a debilitating illness or … In Iowa, debtors in a bankruptcy proceeding must claim exemptions from the bankruptcy estate under Iowa law because Iowa has opted out of the federal exemptions. In Iowa, a homestead is exempt from judicial sale in a bankruptcy proceeding. The Homestead Credit is calculated by dividing the homestead credit value by 1,000 and multiplying by the Consolidated Tax Levy Rate. That amount may then be reduced by the county to the same amount at which the State of Iowa has approved funding. The 1862 Homestead Act accelerated settlement of U.S. western territory by allowing any American, including freed slaves, to put in a claim for up to 160 free acres of federal land. When a man or woman, commonly called an entryman, wished to receive a free tract of public land as a homestead, the entryman went into the nearest district land office and completed an application for a specific tract. (Refer to Code of Iowa, Chapter 425) Upon filing and allowance of the claim, the claim is allowed on that homestead for successive years without further filing as long as the person qualifies for the homestead credit. President Abraham Lincoln signed the Homestead Act on May 20, 1862. Forms can be located under Homestead … SECTION 561.2 - Extent and value. Click here for access to the exemption and credits as provided by the Iowa State Association of Assessors. 1. a. Eligibility: Must own and occupy the property as a homestead on July 1 of each year, declare residency in Iowa for income tax purposes and occupy the property for at least six months each year. Forms can be located under Homestead Tax Credit. 2014 Iowa Code TITLE XIV - PROPERTY SUBTITLE 2 - REAL PROPERTY — GIFTS CHAPTER 561 - HOMESTEAD. Description: Originally adopted to encourage home ownership through property tax relief.The current credit is equal to the actual tax levy on the first $4,850 of actual value. SECTION 561.1 - “Homestead” defined. SECTION 561.4 - Selecting — platting. The idea behind these homestead laws is the preservation of the family farm, home, or other assets in the face of severe economic conditions. iowa Homestead Credit. An Iowa homestead “must embrace the house used as a home by the owner, and, if the owner has two or more houses thus used, the owner may The Government granted more than 270 million acres of land while the law was in effect. 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