AL HB507

Proposes a constitutional amendment allowing Covington County residents age 65 or older to claim a senior property tax exemption that freezes their home's assessed value at the year prior to claiming the exemption

Requires the property to be single-family owner-occupied residential property used as the individual's principal residence for at least 5 consecutive years before claiming the exemption

Exemption remains in effect as long as the taxpayer continues to use the property as their principal residence, and does not prevent claiming homestead or other exemptions

Property remains subject to millage rate changes, and any additions to the property after claiming the exemption will be assessed and taxed based on the increased value

Claims may be filed beginning October 1, 2027 (based on October 1, 2026 property values) with the Covington County Revenue Commissioner between October 1 and December 31; requires voter approval