HB 4901 Summary

• Increases homestead exemption from $30,000 to $125,000 ($45,000 to $200,000 for debtors age 65+ or disabled).

• Raises exemption limits for household goods from $3,000 to $5,000, motor vehicles from $2,775 to $15,000, computers from $500 to $5,000, farm equipment from $2,000 to $10,000, and crops/farm animals from $2,000 to $10,000.

• Removes $500 value limits on exemptions for house of worship seats and household pets; adds companion animals and service animals to pet exemption.

• Adds new exemptions for crime victim payments, recently received means-tested public assistance and unemployment benefits held in bank accounts, and a catch-all exemption of up to $1,475 plus unused homestead exemption amounts.

• Establishes separate adjustment mechanisms for general exemptions (based on Consumer Price Index) and homestead exemptions (based on home price index), adjusted every three years starting March 1.