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

Establishes a 7% annual depreciation rate for rural structures after initial appraisal, with a minimum floor of 20% of original value for poultry houses.

Requires a 45% economic obsolescence adjustment to be applied to all poultry houses used in commercial farming operations.

Sets January 1, 2025 as the effective date for recalculating values of rural structures previously appraised, using the older appraisal manual guidelines for existing structures and newer guidelines for new structures.

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

Updates formatting and organization of the bill text, including renumbering of subsections and adding committee substitute markings.