HB219 Alabama 2012 Session

Under existing law, a person who presents a deed, bill of sale, or other instrument conveying any real or personal property within this state or any interest in any such property to the judge of probate for recording must pay a privilege or license tax based upon the value of the property; however, there is no requirement to submit proof of the purchase price or value of the property at the time the instrument is presented for recording

This bill would provide that a person presenting a real property or personal property instrument to the judge of probate for recording shall present proof of the actual purchase price of property or actual value of the property, and that if proof is not presented, the privilege or license tax will be based upon the assessed value of the property and the person failing to submit the required proof shall be subject to monetary penalties for failure to comply with the law

To amend Section 40-22-1, Code of Alabama 1975, to require that a person presenting a deed, bill of sale, or other instrument conveying any real or personal property within this state or any interest in any such property to the judge of probate for recording shall present proof of the actual purchase price of property or actual value of the property, and that if such proof is not presented, the privilege or license tax will be based upon the assessed value of the property and the person failing to submit the required proof shall be subject to monetary penalties for failure to comply with the law.