HB341 Summary

• Proposes a constitutional amendment to cap annual increases in appraised values of single-family owner-occupied residential property at 3% for ad valorem tax purposes, effective for the tax year beginning October 1, 2023.

• Any increase in appraised value exceeding 3% in a given year is carried forward and added to the appraised value in subsequent tax years, provided the combined current year increase and any carry-over amount does not exceed 3% in that year.

• The amendment becomes effective for ad valorem taxes due October 1, 2024, and applies to each tax year thereafter.

• Requires election approval by a majority of qualified voters under Sections 284, 285, and 287 of the Alabama Constitution.

• Directs election officials to place the amendment on the ballot with a specific description of the substance and Yes/No voting options.