AL HB198

Class II and Class III real property in Alabama cannot be reappraised more often than once every four tax years if the county's equalization level falls between 90 percent and 105 percent with a coefficient of dispersion of no greater than 20.

Annual sales ratio studies conducted by the Department of Revenue determine whether counties meet the equalization parameters required for the four-year reappraisal cycle.

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

Amends Section 40-7-60 of the Code of Alabama 1975 regarding property reappraisal schedules and Department of Revenue oversight.

Becomes effective on the first day of the third month following passage and gubernatorial approval.