AL SB244

Doubles the mortgage recording tax rate from $0.15 to $0.30 per $100 of indebtedness secured by mortgages, deeds of trust, conditional sale contracts, and similar instruments conveying real or personal property in Alabama.

Creates a new revenue distribution formula for the mortgage record tax: 5% to judges of probate, 25% to the Alabama Housing Trust Fund, 33% to county treasuries, and 37% to the State Treasury.

Establishes dedicated funding for the Alabama Housing Trust Fund through the 25% allocation of mortgage recording tax revenues, which previously had no dedicated share.

Effective date is October 1, 2026.