AL SB504

Increases the maximum General Purpose Tax rate for the City of Madison from 1.8% (18 mills) to 2.4% (24 mills) of assessed property value.

Tax increase becomes effective only upon approval by a majority of qualified city electors voting at a special election held during any regular scheduled election.

City council may implement the increase beginning with the tax year starting October 1, 2012, or any subsequent tax year.

Six twenty-fourths (6/24) of revenues from the increased tax rate must be used exclusively for public educational purposes in the city.

Municipalities and towns participating in the Madison City School System must increase their ad valorem tax by an equal amount within two years and pay proceeds to the Madison City School Board, or their students become ineligible to attend schools in the system.