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AL HB488
Bill
Status
3/2/2021
Primary Sponsor
David Faulkner
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AI Summary
HB488 Summary
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Persons age 70 or older may claim a senior property tax appraisal that freezes the assessed value of their principal residence to the value from the year immediately prior to claiming the appraisal.
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Property must have been used as the person's principal place of residence for at least 10 years immediately prior to the tax year in which they first claim the senior property tax appraisal.
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Taxpayers remain eligible for homestead exemptions and continue to be subject to millage rate changes on the property.
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Any additions or improvements to the property after claiming the senior appraisal shall have their appraised value added to the frozen base value.
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The Department of Revenue may adopt rules necessary to implement the act, which becomes effective October 1 following passage and approval by the Governor.
Legislative Description
Ad valorem tax on real property, senior property tax appraisal for persons age 70 or older on principal residence used for 10 years, appraisal value frozen on immediate prior year, exceptions, rules by Revenue Dept.
Taxation
Last Action
Read for the first time and referred to the House of Representatives committee on Ways and Means Education
3/2/2021