HB 157

Under existing law certain evidence of comparable sales or leases are admissible in taxpayer appeals for the rulings of boards of equalization fixing value of commercial property

This bill would provide that certain evidence of comparable sales or leases are inadmissible in taxpayer appeals for the rulings of boards of equalization fixing value of commercial and industrial property

Relating to taxpayer appeals of the taxable value of commercial property as fixed by boards of equalization; to add Section 40-3-27 to Chapter 3, Title 40 of the Code of Alabama 1975, to provide that certain evidence of comparable sales or leases are inadmissible in taxpayer appeals from the rulings of boards of equalization fixing value of commercial and industrial property.

Section 1

Section 40-3-27 is added to Chapter 3, Title 40 of the Code of Alabama 1975, to read as follows: §40-3-27. For appeals of commercial and industrial property operating as such at the time of valuation, it shall be inadmissible for a taxpayer to introduce evidence in support of an appraisal or opinion using a comparable sale or lease of property that either was vacant when sold or contains use or deed restrictions that prohibit the property, on which a building or structure sits, from being used for the purpose for which the building or structure was designed, constructed, altered, renovated, or modified.

Section 2

This act shall become effective immediately following its passage and approval by the Governor, or its otherwise becoming law.