AL HB324

Amends Section 40-7-60, Code of Alabama 1975, to limit reappraisal frequency for Class II and Class III real property to once every four tax years instead of more frequently.

Reappraisal limitation applies only when a county's equalization level falls between 90 percent and 105 percent with a coefficient of dispersion of no greater than 20, as determined by annual sales ratio studies conducted by the Department of Revenue.

Counties whose sales ratio analysis falls outside the specified parameters must reappraise all property to current market value plus or minus 2 percentage points as reflected by their sales ratio studies.

Department of Revenue retains responsibility to periodically inspect, supervise, and regulate the implementation of reappraisal programs across all Alabama counties.

Bill becomes effective on the first day of the third month following passage and approval by the Governor.