(Code of Iowa, Chapter 425A) Property owners of 10 or more acres of agricultural land, farmed by the owner or a qualifying family member may apply. Qualifying family members include parents, children, grandparents, grandchildren, brother, sister, aunt, uncle, niece, or nephew. Cousins do not qualify.
If a claim for the family farm credit is filed by November 1, 2001, or thereafter, and approved, further filing is not required provided the claimant owns the property on July 1 of subsequent years and the designated person actively engaged in farming the property remains the same.
If the ownership changes, the new owner must re-file for the credit and if the "designated person" changes, the owner must re-file for the credit. The owner must notify the Assessor in writing of a change in the "designated person". Failure to do so may result in a penalty.