AL SB110

Class III residential properties are capped at a maximum 3% annual increase in assessed value compared to the prior year's assessed value after county-wide reappraisal.

Class II properties are capped at a maximum 5% annual increase in assessed value compared to the prior year's assessed value after county-wide reappraisal.

Assessment caps do not apply to properties never previously assessed, additions or new construction, property classification changes, or changes in ownership (with exceptions for family transfers and foreclosure redemptions).

Repairs, ordinary maintenance, and family transfers for no or nominal consideration are excluded from ownership change reassessments.

The act becomes effective October 1, 2024.