Bills › 91st General Assembly
Where it is now
- Done: IntroducedFebruary 20, 2025
- Done: SubcommitteeFebruary 20, 2025
- Done: House committeeMay 12, 2025
- Done: Passes the HouseApril 8, 202691–1
- Stopped: Senate committeeDied when the General Assembly ended
- Next: Passes the Senate
- Next: To the Governor
- Next: Signed into law
Died when the session ended The 2026 session adjourned on May 3, 2026, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?
What’s in it
AI summary Under this law, aboveground storage tanks that hold 91,000 gallons or less will not be taxed as real property. This change applies to these tanks regardless of how they are being used on a property. The rule will apply to tax assessments starting in 2025.1
Read the official explanation
1 specifies that for the purposes of property taxation only, certain property shall be assessed and taxed, unless otherwise qualified for exemption, as real property, including buildings, structures, or improvements, any of which are constructed on or in the land, attached to the land, or placed upon a foundation whether or not attached to the foundation. However, property is not “attached” if it is a kind of property which would ordinarily be removed when the owner of the property moves to another location. This bill provides that aboveground storage tanks with a capacity of 91,000 gallons or less, no matter the use or intended use in the subject property, shall not be assessed and taxed as real property.7.7 provides that for a property tax credit or exemption enacted on or after January 1, 1997, if a state appropriation made to fund the credit or exemption is not sufficient to fully fund the credit or exemption, the political subdivision shall be required to extend to the taxpayer only that portion of the credit or exemption estimated by the department of revenue to be funded by the state appropriation. The bill takes effect upon enactment and applies retroactively to assessment years beginning on or after January 1, 2025.
Senate subcommittee
Named April 20, 2026. It hasn’t reported yet.
Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part
Fiscal note
AI summary This bill exempts aboveground storage tanks with a capacity of 91,000 gallons or less from property taxation. It is estimated to decrease local property tax revenues for local governments starting in fiscal year 2027. The note does not provide a specific dollar amount for the total reduction in local property tax revenue.3
From the note: The fiscal impact for House File 1050 is displayed below. Figure 1 shows the estimated decrease to local property taxes by fiscal year.
- Aboveground Storage Tanks, Assessments · April 7, 2026
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Tried before
Study bill
91st General Assembly
Earlier and later bills are matched by wording or an identical title.
Tried before
This idea has been filed in an earlier General Assembly. None became law, though one got through a chamber.
- HF 206 Relating to the assessment of property containing certain aboveground storage tanks and in…90th General Assembly · Passed House · same titlePassed a chamber
Matched by wording or an identical title.