(1) Forest lands upon which, after December 31, 1993, trees are destroyed by fire, disease, insect infestation, or other natural disaster shall be eligible for a 50 percent reduction in assessed value for 20 tax years beginning the first full tax year following the natural disaster.

(2) The property owner of record as of January 1 of the first full tax year for which the reduction in value is sought, or that owner's agent, must submit to the local department office in the county where the property is located a Request for Informal Classification and Appraisal Review, Form AB-26, within 30 days from the date on the classification and appraisal notice in the first year of the six-year valuation cycle or by June 1 of any subsequent year of the valuation cycle for eligibility to begin in that subsequent year.

(3) The following information must be included on the Form AB-26:

(a) applicant's name, current mailing address and phone number;

(b) date of application;

(c) legal description of the property where the natural disaster occurred;

(d) type of natural disaster;

(e) approximate size of forest land affected by the natural disaster;

(f) date the natural disaster occurred; and

(g) description of the damage to the timber stocking on the forest land affected by the natural disaster.

(4) Forest land shall be eligible for a 50 percent reduction in assessed value provided:

(a) the forest land affected is 15 contiguous acres or larger in size and under one ownership;

(b) the forest land affected contained at least 10 percent stocking of live trees prior to the natural disaster; and

(c) the forest land affected contains 10 percent stocking or less of live trees after the occurrence of the natural disaster.

(5) A reduction to the assessed value in the first year is applicable to all years in the reduction period, as provided for in (1). A reduction in assessed value for an appeal filed in years after the first year applies to the year in which the appeal is timely filed and the remaining years in the reduction period.

(6) The department shall review the Form AB-26 and may conduct a field evaluation. The department will approve or deny the request and notify the property owner of its determination in writing.