A bill for an act relating to the assessment of property containing certain aboveground storage tanks and including effective date and retroactive applicability provisions.

HF 1050 modifies how certain aboveground storage tanks are assessed for property tax purposes. The bill specifies that aboveground storage tanks with a capacity of 91,000 gallons or less will no longer be assessed and taxed as real property, regardless of their use. This change directly affects property owners with such tanks and local taxing authorities. The bill takes effect upon enactment and applies retroactively to assessment years beginning on or after January 1, 2025.