Senate File 2075 - Introduced SENATE FILE BY COMMITTEE ON AGRICULTURE (SUCCESSOR TO SSB 3004) Passed Senate, Date Passed House, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act relating to the eligibility requirements for the barn 2 preservation property tax exemption. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 5142SV 82 5 md/rj/5 PAG LIN 1 1 Section 1. Section 427.1, subsection 31, unnumbered 1 2 paragraph 1, Code Supplement 2007, is amended to read as 1 3 follows: 1 4 The increase in assessed value added to a farm structure 1 5constructed prior to 1937as a result of improvements made to 1 6 the farm structure for purposes of preserving the integrity of 1 7 the internal and external features of the structure as a barn 1 8 is exempt from taxation. To be eligible for the exemption, 1 9 the structure must have been first placed in service as a barn 1 10prior to 1937fifty or more years before the date the 1 11 exemption application is filed with the assessing authority. 1 12 The exemption shall apply to the assessment year beginning 1 13 after the completion of the improvements to preserve the 1 14 structure as a barn. 1 15 EXPLANATION 1 16 The Iowa barn preservation tax exemption makes any increase 1 17 in assessed value to a barn as a result of improvements made 1 18 for the purposes of preserving the integrity of the internal 1 19 and external features of the structure as a barn exempt from 1 20 taxation. Under the current exemption, only barns put into 1 21 service prior to 1937 are eligible for the exemption. 1 22 This bill removes the requirement that the barn must have 1 23 been put into service prior to 1937 and makes the exemption 1 24 available to barns that are 50 or more years old. To be 1 25 eligible for the exemption, the barn must have been placed 1 26 into service 50 or more years before the date the exemption 1 27 application is filed with the assessing authority. 1 28 LSB 5142SV 82 1 29 md/rj/5