AL SB100

Replaces the existing 7 percent cap on annual increases in assessed value for Class II and Class III properties with the Consumer Price Index (CPI) for all urban consumers as published by the U.S. Department of Labor for the immediately preceding year.

Applies to real property reappraised or reassessed after county-wide reappraisals, with tax assessors annually comparing assessed values to the prior year's values.

Exempts from the cap limitations: property never assessed, new construction and improvements, property classification changes, certain ownership transfers (including family transfers and post-foreclosure redemptions), and property in tax increment districts.

Limits the cap to family transfers without consideration and transfers due to mortgage foreclosure, tax sale, or tax lien redemptions when ownership changes.

Takes effect October 1, 2025, and applies retroactively to October 1, 2024, continuing through the fiscal year beginning October 1, 2027.