H.F. 4990 Summary

• Increases Class 1c homestead resort property tier I valuation limit from $600,000 to $1,100,000 of market value.

• Increases Class 1c tier II valuation limit from $1,700,000 to $2,600,000 of market value, with tier III applying to any remaining value above tier II.

• Maintains Class 1c classification rates at 0.50 percent for tier I, 1.0 percent for tier II, and 1.25 percent for tier III.

• Applies effective beginning with assessment year 2025.