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AL HB55
Bill
Status
2/7/2012
Primary Sponsor
Jeremy Oden
Click for details
AI Summary
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Class II and Class III real property in Alabama shall not be reappraised more often than once every four tax years, provided equalization levels fall between 90-105 percent with a coefficient of dispersion not exceeding 20.
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The Department of Revenue shall conduct annual sales ratio studies to determine whether counties meet the equalization and dispersion parameters.
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Counties whose sales ratio analysis falls outside the specified parameters must reappraise all property to current market value plus or minus 2 percentage points.
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The Department of Revenue retains overall responsibility for periodically inspecting and supervising property reappraisal programs statewide.
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The act becomes effective on the first day of the third month following passage and gubernatorial approval.
Legislative Description
Ad valorem tax, Class II and Class III property, reappraisal every four years, Sec. 40-7-60 am'd.
Taxation
Last Action
Read for the first time and referred to the House of Representatives committee on County and Municipal Government
2/7/2012