Late Filling Options

Filling Period Requirements
Filing of the Application for Tax Abatement must be filed by February 1st of the year in which the improvements are first assessed. The owner of the property can find out what year this would be, based on your project schedule, by contacting the Buena Vista County Assessor's Office at 712-749-2543.

You may file in advance, which is highly recommended, of the completion of your improvements if you so choose. You may also file at any time during the year as long as it is prior to February 1st of the year in which the project is first assessed.

Late Filling Within Two Years
Applications not filed on time but filed within two years of the project being fully assessed and the 1st year of being fully assessed the owner may still file and receive the same abatement; however, the abatement period will be delayed. Neither the City of Storm Lake or the Buena Vista County Assessor can provide for retroactive abatement.

Thus, if a property owner files one year after the 1st year of assessment on the improvements for a new residential house they will still be eligible for the five (5) years of abatement on the first $75,000 of added value but it will be delayed one (1) year. In this case the property owner will have to pay for the full assessment of taxes on the property in year one but received the abatement for years 2-6 (a total of five years).

For Example:
John Doe builds a house in calendar year 2014 completed by December 31st of that year. The original application would be due by February 1, 2015. However, John turns his application in on January 3rd, 2016, within two years of 2/1/2014.

If a property owner fails to file by the date required, the property owner can still receive a full exemption on improvements if they file within two years of the date in which the improvements are first fully assessed. In the above example the improvements were first fully assessed on January 1, 2014 and the property owner should have filed by February 1, 2014; however, the property owner must file the application with the City no later than February 1, 2016 to receive the full abatement schedule.

Please note that in this example the late filing will cause the abatement to be delayed.

PLEASE NOTE: neither the City nor the County Assessor can provide for retroactive abatement.

Late Filing Outside of Two Years
An application for tax abatement outside of two years from first year the property is fully assessed will require specific City Council action to award an abatement based on the circumstances surrounding the late filing.

Any exemption given in this case is only allowed for the remaining portion of the abatement period.

Thus, if a residential property owner files for tax abatement three years after the 1st year of full assessment on the construction of a new home they could be entitled to a two year abatement following City Council approval (by resolution). The abatement would be limited only to the remaining years available had the application been submitted on time.

For Example:
John Doe builds a house in calendar year 2014 completed by December 31st of that year. The original application would be due by February 1, 2015. However, John turns his application in on January 3rd, 2018. An application for tax abatement filed after two years from the original February 1 date will require specific City Council action to award an abatement based on the circumstances surrounding the late filing.

In the example provided here that date would be February 1, 2016. If the City Council grants the exemption in this case, the exemption can only be allowed for the remaining portion of the abatement period.

PLEASE NOTE: neither the City nor the County Assessor can provide for retroactive abatement.