Text: HF02569 Text: HF02571 Text: HF02500 - HF02599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 427.1, Code Supplement 1999, is amended 1 2 by adding the following new subsection: 1 3 NEW SUBSECTION. 31. BARN PRESERVATION. The increase in 1 4 assessed value added to a farm structure as a result of 1 5 improvements made to the farm structure for purposes of 1 6 preserving the integrity of the internal and external features 1 7 of the structure as a barn is exempt from taxation. To be 1 8 eligible for the exemption, the structure must have been first 1 9 placed in service as a barn more than fifty years prior to the 1 10 making of the improvements. The exemption shall apply to the 1 11 assessment year beginning after the completion of the 1 12 improvements to preserve the structure as a barn. 1 13 For purposes of this subsection, "barn" means an 1 14 agricultural structure, in whatever shape or design, which was 1 15 originally used for the storage of farm products or feed or 1 16 for the housing of farm animals, poultry, or farm equipment. 1 17 Application for this exemption shall be filed with the 1 18 assessing authority not later than February 1 of the first 1 19 year for which the exemption is requested, on forms provided 1 20 by the department of revenue and finance. The application 1 21 shall describe and locate the specific structure for which the 1 22 added value is requested to be exempt. 1 23 Once the exemption is granted, the exemption shall continue 1 24 to be granted for subsequent assessment years without further 1 25 filing of applications as long as the structure continues to 1 26 be used as a barn. The taxpayer shall notify the assessing 1 27 authority when the structure ceases to be used as a barn. 1 28 Sec. 2. Section 25B.7 does not apply to the exemption 1 29 granted pursuant to section 1 of this Act. 1 30 EXPLANATION 1 31 The bill provides a property tax exemption for the increase 1 32 in value added to a farm structure resulting from improvements 1 33 made to the structure to preserve it as a barn. The structure 1 34 must have been first placed in service as a barn 50 years ago. 1 35 The exemption is equal to 100 percent of the assessed value 2 1 added and is ongoing until the farm structure ceases to be 2 2 used as a barn. A barn is any agricultural structure used for 2 3 storage of farm products or feed or for the housing of farm 2 4 animals, poultry, or farm equipment. 2 5 LSB 7290HV 78 2 6 mg/gg/8
Text: HF02569 Text: HF02571 Text: HF02500 - HF02599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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