SB349 Alabama 2023 Session

Summary

Primary Sponsor

Garlan Gudger Senator

Republican

Session

Regular Session 2023

Title

Relating to current use value of class III property current use value; to amend Section 40-7-25.3, Code of Alabama 1975, to revise the look back period for assessing ad valorem taxes on current use property.

Description

Under existing law, class III property that has been assessed at a current use value, in lieu of fair and reasonable market value, may be subject to a three-year rollback provision when assessing ad valorem taxes.

This bill would change the rollback to a one-year rollback provision when assessing ad valorem taxes to one-year.

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Subjects

Current use property valuation, revising the rollback period for assessing ad valorem taxes.