The Iowa Application for Geothermal Heating & Cooling System Property Tax Exemption is a form that allows homeowners to apply for an exemption from property taxes on geothermal systems. This form is provided by the Iowa Department of Revenue and is used to determine eligibility for the geothermal heating and cooling system property tax exemption. This exemption applies to geothermal systems installed on or after January 1, 2018, and before January 1, 2022, and provides a complete exemption of the property taxes paid on the geothermal system. There are two types of Iowa Application for Geothermal Heating & Cooling System Property Tax Exemption: Residential and Non-Residential. The Residential Application is for homes that are owner-occupied and used as a primary residence. The Non-Residential Application is for homes that are non-owner occupied or used as a rental property.