HB703 Summary

• Proposes a constitutional amendment to allow qualified taxpayers in Winston County age 65 or older to claim a senior property tax appraisal on ad valorem taxes.

• Requires taxpayers to have been assessed ad valorem taxes on property in the county used as a principal place of residence for at least 10 years prior to claiming the appraisal.

• Freezes the assessed value of the property at the level from the year prior to claiming the senior property tax appraisal.

• Recipients remain subject to applicable homestead exemptions and millage rate changes, and property additions after claiming the appraisal are not eligible for the appraisal.

• Directs the Alabama Department of Revenue to promulgate rules for implementation and administration of the amendment, with an election to be held in accordance with Amendment 555 and state election laws.