SB85 Alabama 2016 Session

Under existing law, if a Class III property qualified for assessment based on its current use value is sold or disposed of and is converted within two years to a property no longer qualified for assessment based on its current use value, a tax assessor is to compute additional ad valorem taxes for the three preceding ad valorem tax years upon conversion using either the sales price or the fair and reasonable market value, whichever is greater

This bill would remove the levy of the additional state ad valorem taxes computed for the three preceding ad valorem tax years upon conversion on landowners receiving economic incentives granted by the state and authorized through a state project agreement or state contract

This bill would allow any county or municipal governments, by election of the respective county or municipality, to also waive the levy of the additional local ad valorem taxes computed for the three preceding ad valorem tax years upon conversion on landowners receiving economic incentives granted by the state and authorized through a state project agreement or state contract

To amend Section 40-7-25.3 of the Code of Alabama, 1975; regarding exempting certain landowners from the additional state ad valorem property taxes assessed after a Class III property qualified for assessment based on its current use value is converted and is no longer qualified for such value assessment; and allowing county and municipal governments, upon election, to exempt certain landowners from the additional local ad valorem taxes assessed after a Class III property qualified for assessment based on its current use value is converted and is no longer qualified for such value assessment.