HB24 Summary

• Increases the state homestead exemption from $4,000 to $4,240 in assessed value (6 percent increase) for residents under 65 years of age.

• Increases the county homestead exemption from $2,000 to $2,120 in assessed value for residents under 65 years of age, effective for tax years beginning October 1, 1981 and after.

• Increases the senior citizen homestead exemption from $5,000 to $5,300 in assessed value for residents over 65 years of age with annual adjusted gross income less than $12,000, or those retired due to permanent total disability or blindness.

• Applies the 6 percent increase uniformly across all homestead exemption categories established under Alabama Code Section 40-9-19.

• Becomes effective October 1, 2009, following passage and approval by the Governor.