Question for the Money Doctors
Question submitted on Dec 12, 2022.
QuestionI have 6.5 acres of prime farmland in NW Iowa. What are the benefits of identifying the acreage as a homestead?
If the municipality allows you to homestead farmland, your annual property taxes would be about 40% less than if they were not homesteaded. You will need to check with the assessor for specific requirements for homesteading farmland which is normally held for investment purposes of a farming business.
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