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AL SB506
Bill
AI Summary
SB506 Summary
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Amends Section 40-8-1 to preserve residential property classification for 24 months if property becomes uninhabitable or requires repair after damage from natural disasters like tornadoes or hurricanes.
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Amends Section 40-9-19 to prevent homestead exemptions from being affected during any period when a homestead is being repaired after natural disaster damage.
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Allows property owners to maintain tax classifications and exemptions without loss during disaster recovery periods, providing relief for damaged residential properties and homesteads.
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Becomes effective on the first day of the third month following passage and approval by the Governor.
Legislative Description
Ad valorem tax, property classified as residential or a homestead not affected under certain conditions when property damaged by natural disasters such as tornadoes, Secs. 40-8-1, 40-9-19 am'd.
Property, Real and Personal
Last Action
Delivered to Governor at 11: 58 on June 9, 2011
6/9/2011