The Iowa Application for Geothermal Heating and Cooling System Property Tax Exemption is designed to provide financial assistance to Iowa homeowners who have installed a geothermal heating and cooling system in their residence. This tax exemption exempts the homeowner from paying the full amount of property taxes on the portion of the system installed on the property. There are two types of Iowa Application for Geothermal Heating and Cooling System Property Tax Exemption: the Residential Geothermal Heating and Cooling System Exemption, and the Commercial Geothermal Heating and Cooling System Exemption. The Residential Geothermal Heating and Cooling System Exemption is available to homeowners who have installed a geothermal system in their primary residence, while the Commercial Geothermal Heating and Cooling System Exemption is available to businesses who have installed a geothermal system in their commercial building. Both exemptions require that the geothermal system be installed in accordance with Iowa law and must be certified by an approved installer. In order to be eligible for the exemption, applicants must submit an application to their county assessor, along with proof of installation and certification of the geothermal system.