Senate File 2399 - Introduced SENATE FILE BY COMMITTEE ON WAYS AND MEANS (SUCCESSOR TO SF 2075) (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 5142SZ 82 5 md/rj/5 PAG LIN 1 1 Section 1. Section 427.1, subsection 31, unnumbered 1 2 paragraphs 1 and 2, Code Supplement 2007, are amended to read 1 3 as 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 For purposes of this subsection, "barn" means an 1 16 agricultural structure, in whatever shape or design, which is 1 17 used for the storage of farm products or feed or for the 1 18 housing of farm animals, poultry, or farm equipment. "Barn" 1 19 does not include a pole barn. 1 20 EXPLANATION 1 21 The Iowa barn preservation tax exemption makes any increase 1 22 in assessed value to a barn as a result of improvements made 1 23 for the purposes of preserving the integrity of the internal 1 24 and external features of the structure as a barn exempt from 1 25 taxation. Under the current exemption, only barns put into 1 26 service prior to 1937 are eligible for the exemption. 1 27 This bill removes the requirement that the barn must have 1 28 been put into service prior to 1937 and makes the exemption 1 29 available to barns that are 50 or more years old. To be 1 30 eligible for the exemption, the barn must have been placed 1 31 into service 50 or more years before the date the exemption 1 32 application is filed with the assessing authority. The bill 1 33 also makes pole barns ineligible for the exemption. 1 34 LSB 5142SZ 82 1 35 md/rj/5