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AL HB178
Bill
Status
2/6/2020
Primary Sponsor
Andrew Sorrell
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AI Summary
HB178 Summary
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Reduces state ad valorem tax assessment ratios on Class II personal property (non-utility, non-classified property) over a 10-year period beginning in tax year 2021, decreasing by 2% annually from 18% to 0%.
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Personal property assessment rates decline as follows: 18% (2021), 16% (2022), 14% (2023), 12% (2024), 10% (2025), 8% (2026), 6% (2027), 4% (2028), 2% (2029), and 0% (2030 and thereafter).
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Eliminates state ad valorem taxes on Class II personal property entirely beginning in tax years after December 31, 2029.
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Maintains existing assessment ratios for other property classes: utilities at 30%, agricultural/forest/residential at 10%, and private vehicles at 15%.
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Becomes effective January 1, 2020.
Legislative Description
Assessment of property for ad valorem tax purposes, to eliminate state ad valorem taxes on certain taxable property, Sec. 40-8-1 am'd.
Ad Valorem Tax
Last Action
Read for the first time and referred to the House of Representatives committee on Ways and Means General Fund
2/6/2020