SB10 Summary

• Amends Section 40-9-19 of the Alabama Code to add annual cost-of-living adjustments to homestead exemptions from ad valorem taxation beginning with fiscal year ending September 30, 2010.

• Adjustments shall be based on increases in the U.S. Department of Labor Consumer Price Index or any succeeding equivalent index.

• Applies to all existing homestead exemption categories: state exemptions, county exemptions for residents under 65, local exemptions, and exemptions for residents over 65 with limited income or permanent disability.

• Becomes effective immediately upon passage and approval by the Governor.