AL HB162

Caps increases in Class IV property tax assessments at 3% per year following county-wide reappraisals, compared to the prior year's assessed value.

Tax assessors must adjust assessed values downward if a reappraisal results in an increase greater than 3% from the previous year's assessed value.

Cap does not apply to properties that experience a change in ownership.

Becomes effective October 1, 2024.