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can be found at: www.iowahistory.org/preservation/financial_assistance/
state_tax_credit/ia_state_tax_credit.html
Exemption
from Property Tax
The legislature
ruled that the increase in assessed value added to a farm structure “for
purposes of preserving the integrity of the internal and external features of
the structure as a barn” is exempt from property tax. To be eligible for
the exemption, the structure must have been first placed in service as a barn
prior to 1937. The exemption applies to the assessment year beginning after the
completion of the improvements to preserve the structure as a barn.
For
this purpose, the term “barn” means “an agricultural structure,
in whatever shape or design, which is used for the storage of farm products or
feed or for the housing of farm animals, poultry, or farm equipment.”
By November 1
of the year in which the rehabilitation work takes place, a three part substantial
rehabilitation application must have been submitted to the State Historical Society
/ State Historic Preservation Office. The Part 1 application is about evaluating
the historical significance of the property. Part 2 focuses on the proposed rehabilitation
work to be undertaken. Part 3 is a request for certification that the rehabilitation
work has been completed in accordance with the "Secretary of the Interior's
Standards of Rehabilitation" and that the expenditure meets the "substantial
rehabilitation test". It is best to submit Parts 1 and 2 of the application
early so that approval from the State Historical Society can be given before
the rehabilitation work is begun. Part 3 must be submitted after the rehabilitation
work is completed. The Part 3 application will be evaluated and returned to the
owner for filing with the county application form for temporary property tax exemption.
The application for exemption
shall be filed with the county assessor, not later than February 1 of
the assessment year, on forms provided through the county by the Department
of Revenue. The exemption application must include an approved application for
certified substantial rehabilitation from the State Historical Society.
Additional information
and applications can be found at:
www.iowahistory.org/preservation/financial_assistance/
state_property_tax_exemption/property_tax_exempt.html
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