HB162 Alabama 2024 Session

Summary

Primary Sponsor

James LomaxRepresentative

Republican

Session

Regular Session 2024

Title

Relating to Property Tax; Real Property Tax Assessment for motor vehicles

Summary

HB162 would cap year-to-year increases in the assessed value of Class IV property (including motor vehicles) after county-wide reappraisals, limiting increases to 3% per year unless ownership changes, starting October 1, 2024.

What This Bill Does

After each county-wide reappraisal, if a Class IV property's assessed value increases, the assessor must limit the increase to 3% of the prior year's value. The 3% cap does not apply if there is a change in ownership of the property. The measure becomes effective October 1, 2024 and applies to Class IV property assessments.

Who It Affects

• Owners of Class IV property (such as motor vehicles) would see their assessed values capped at a 3% year-over-year increase after reappraisals.
• County tax assessors and local tax offices would implement and enforce the cap after each county-wide reappraisal; the cap does not apply if ownership of the property changes.

Key Provisions

• Adds a new section to Alabama Code to cap increases in Class IV property tax assessments after county-wide reappraisals.
• If the reassessed value increases, the assessor must limit the increase to 3% from the prior year's assessed value.
• The 3% cap does not apply to changes in ownership of the property.
• The act takes effect October 1, 2024.

AI-generated summary using openai/gpt-5-nano on Feb 22, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Taxation & Revenue