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AL SB349
Bill
Status
5/23/2023
Primary Sponsor
Garlan Gudger
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AI Summary
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Changes the rollback provision for class III property assessed at current use value from three years to one year when property is converted to a non-qualifying use.
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Requires tax assessors to compute additional ad valorem taxes based on the property's sales price or fair market value at conversion, applied retroactively to the one preceding tax year (instead of three years).
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Maintains existing provisions requiring property owners to notify the tax assessor of conversions between October 1 and January 1, and requires assessors to apportion assessments when only part of a parcel is converted.
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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 current use value of class III property current use value; to amend Section 40-7-25.3, Code of Alabama 1975, to revise the look back period for assessing ad valorem taxes on current use property.
Current use property valuation, revising the rollback period for assessing ad valorem taxes.
Last Action
Introduced and Referred to Senate Finance and Taxation General Fund
5/23/2023