SB 293 Summary

• Permits owners of eligible heritage barns to receive a 100% deduction against the assessed value of the structure and foundation beginning with assessments after 2014.

• Defines an "eligible heritage barn" as a building constructed before 1950 that is in disrepair, not currently used as a barn, but retains sufficient structural integrity to clearly identify it as a barn.

• Allows both current owners and persons purchasing property under a recorded contract (who pay property taxes and have a right to obtain title) to apply for the deduction with the county auditor.

• Requires applicants to file a certified deduction application during the year preceding when the deduction will first be applied, with verification by the county or township assessor.

• Deduction automatically continues in subsequent years for eligible applicants unless the county auditor determines the property no longer qualifies, and terminates upon a complete change in ownership.

• Effective July 1, 2014.