(Radio Iowa) – Iowans who are 65 or older and own the home they live in have about six weeks to apply for a new property tax exemption.

The tax plan Governor Reynolds signed into law earlier this month includes a new property tax exemption for Iowa seniors. It will reduce the taxable value of a home by $3250 for property taxes due this September and next spring. For the next assessment year, the exemption doubles to $6500.

Iowans who were at least 65 years old by January 1st of this year have until July 1st to file a form with their local county assessor to claim this exemption. Once the exemption’s granted, there’s no need to reapply in future years. The Legislative Services Agency estimates it will be worth $50 million annually to Iowa seniors.

Iowans who are receiving or are eligible for the military service property tax exemption will see it increase to $4000. Veterans who were on active duty during a war or served 18 months during peacetime may claim the exemption on the home they live in.