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Bill > SB110
AL SB110
AL SB110Relating to ad valorem taxation; to limit the assessed value of certain real property for ad valorem tax purposes, with exceptions.
summary
Introduced
02/15/2024
02/15/2024
In Committee
02/15/2024
02/15/2024
Crossed Over
Passed
Dead
05/09/2024
05/09/2024
Introduced Session
Regular Session 2024
Bill Summary
Relating to ad valorem taxation; to limit the assessed value of certain real property for ad valorem tax purposes, with exceptions.
AI Summary
This bill aims to limit the assessed value of certain real property for ad valorem (property) tax purposes in Alabama. It requires the tax assessor to annually compare the assessed value of each reappraised or reassessed real property to the prior year's assessed value. If the assessed value increases, the assessor must limit the increase to no more than 3% for Class III properties (such as owner-occupied residential) and 5% for Class II properties (such as commercial). These limitations do not apply to properties that have never been assessed, additions or improvements to the property, changes in classification, or certain property transfers between family members. The bill will become effective on October 1, 2024.
Committee Categories
Budget and Finance
Sponsors (26)
David Sessions (R)*,
Greg Albritton (R),
Gerald Allen (R),
Will Barfoot (R),
Lance Bell (R),
Tom Butler (R),
Josh Carnley (R),
Clyde Chambliss (R),
Donnie Chesteen (R),
Chris Elliott (R),
Sam Givhan (R),
Garlan Gudger (R),
Jay Hovey (R),
Andrew Jones (R),
Keith Kelley (R),
Wes Kitchens (R),
Steve Livingston (R),
Tim Melson (R),
Arthur Orr (R),
Greg Reed (R),
Dan Roberts (R),
Shay Shelnutt (R),
Larry Stutts (R),
Jabo Waggoner (R),
April Weaver (R),
Jack Williams (R),
Last Action
Senate Finance and Taxation General Fund Hearing (10:00:00 4/3/2024 Finance and Taxation) (on 04/03/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://alison.legislature.state.al.us/bill-search |
| Fiscal Note - As Introduced | https://www.legislature.state.al.us/pdf/SearchableInstruments/2024RS/FiscalNotes/FN-B8XRQ44-1.pdf |
| BillText | https://www.legislature.state.al.us/pdf/SearchableInstruments/2024RS/SB110-int.pdf |
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