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  5 constructed prior to 1937 as 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 10 prior to 1937 fifty 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