HB259 Alabama 2023 Session

Summary

Primary Sponsor

Margie WilcoxRepresentative

Republican

Session

Regular Session 2023

Title

Relating to tax abatements; to specify that the method of determining fair market value of real or personal property by a tax abatement recipient appealing an ad valorem tax assessment in circuit court shall be the same method used by the county granting the tax abatement; and to exclude consideration of obsolescence in determining fair market valuation of real or personal property for the duration of an abatement.

Description

Under existing law, an industrial or research enterprise that receives an ad valorem tax abatement may appeal a county's tax assessment based on the enterprise's method for calculating the fair market value of its property and may consider obsolescence as part of its calculation.

This bill would limit an industrial or research enterprise tax abatement recipient to using the same method used by the county for calculating the fair market value of its property when appealing the county's ad valorem tax assessment.

This bill would also prohibit the consideration of obsolescence in determining the fair market value of an industrial or research enterprise's property, for the duration of any period that the enterprise receives a tax abatement.

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