SB327 Summary

• Increases homestead exemption for Alabama residents from $5,000 to $15,000 and personal property exemption from $3,000 to $7,500.

• Increases homestead allowance for surviving spouses of decedents from $6,000 to $15,000, and exempt property allowance from $3,500 to $7,500.

• Excludes wages, salaries, and other compensation from the definition of personal property for exemption purposes under state law.

• Establishes automatic adjustment mechanism requiring the State Treasurer to adjust exemption amounts every three years beginning July 1, 2017, based on cumulative changes in the Consumer Price Index, rounded to nearest $25.

• Becomes effective immediately upon passage and gubernatorial approval.