HB341 Alabama 2021 Session

This bill would propose an amendment to the Constitution of Alabama of 1901, to provide that effective for the next ad valorem tax year commencing on October 1, and each tax year thereafter, the appraised value of the real property component of the value of single-family owner-occupied residential property for ad valorem tax purposes would not be increased by more than three percent for the purpose of computing ad valorem taxes due for that year, and each tax year thereafter. Any increase in appraised value greater than three percent would be carried over and added to the appraised value of the real property for the next tax year and successive tax years thereafter provided the increase in appraised value from the then current tax year and any carry-over amount does not exceed three percent in the tax year

To propose an amendment to the Constitution of Alabama of 1901, to provide that effective for the ad valorem tax year commencing on October 1, 2023, and each tax year thereafter, the appraised value of the real property component of the value of single-family owner-occupied residential property for ad valorem tax purposes would not be increased by more than three percent for the purpose of computing ad valorem taxes due effective October 1, 2024, and each tax year thereafter; and to provide that increase in appraised value greater than three percent would be carried over and added to the appraised value of the real property for the next tax year and successive tax years provided the increase in appraised value from the then current tax year and any carry-over amount does not exceed three percent in the tax year.