Ad valorem tax; specify provisions for determining the true value of rural structures.

Requires rural structures appraised before January 1, 2025, to be recalculated for 2025 and subsequent years using new depreciation rules

Establishes a 7% annual depreciation rate for rural structures after initial appraisal

Sets a minimum floor where net depreciation cannot fall below 20% of original value for poultry houses

Mandates a 45% economic obsolescence adjustment for all poultry houses in commercial farming operations

Requires tax assessors to use the Department of Revenue appraisal manual version in use prior to December 2020 for structures in operation on or before January 1, 2025

Requires tax assessors to use the most current version of the Department of Revenue appraisal manual for structures placed in operation after January 1, 2025

Defines 'rural structure' to include silos, grain storage bins, barns, and poultry houses, but excludes rural dwellings

New provisions apply from and after January 1, 2025