(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% 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 complete an application with the local department office in which the property is located. The application prescribed by the department will be the property adjustment form (AB-26) . The application must be made by the first Monday in June or within 30 days of receipt of the assessment notice for the first full year for which the reduction in value is requested.

(3) The department shall review the property adjustment form and may conduct a field evaluation. The department will issue a written determination to the applicant.

(4) The applicant shall include on the property adjustment form:

(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.

(5) Forest land shall be eligible for a 50% 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% stocking of live trees prior to the natural disaster;

(c) the forest land affected contains 10% stocking or less of live trees after the occurrence of the natural disaster; and

(d) the applicant has timely filed the request for valuation review, as required in (2) , and the natural disaster occurred after December 31, 1993.