Relating to Property Tax; amending the cap on the assessed value of real property

Summary

The bill changes Alabama’s rule that limits how much a property’s assessed value can rise each year. For Class II (residential) and Class III (commercial) properties, the increase will now be limited to the lesser of the Consumer Price Index change or 7%. It applies to most properties but excludes new construction, ownership transfers between family, and other specific cases, and it takes effect retroactively from October 1, 2024.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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