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AL HB259
Bill
Status
4/5/2023
Primary Sponsor
Margie Wilcox
Click for details
AI Summary
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Industrial or research enterprises receiving ad valorem tax abatements must use the same method as the county to determine fair market value when appealing tax assessments in circuit court.
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Prohibits consideration of any form of obsolescence (functional or economic) in fair market valuations of industrial development property during the entire period of an abatement.
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Defines economic obsolescence as loss of property value from external factors and functional obsolescence as loss from outdated design features that cannot be easily changed.
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Becomes effective on the first day of the third month following passage and approval by the Governor.
Legislative Description
Relating to tax abatements; to specify that the method of determining fair market value of real or personal property by a tax abatement recipient appealing an ad valorem tax assessment in circuit court shall be the same method used by the county granting the tax abatement; and to exclude consideration of obsolescence in determining fair market valuation of real or personal property for the duration of an abatement.
Last Action
Carry Over by House State Government
4/12/2023