Alabama HB167 amends the cap on assessed value increases for real property taxes.

Alabama HB167 modifies the cap on increases in the assessed value of real property for tax purposes. Specifically, it limits the percentage increase in the assessed value of Class II and Class III properties to no more than seven percent or the percentage increase in the Consumer Price Index for all urban consumers, whichever is lower. This change applies to annual assessments starting October 1, 2024, and continues through the fiscal year beginning October 1, 2027.

Alabama HB167 amends the cap on assessed value increases for real property taxes.

Alabama HB167 modifies the cap on increases in the assessed value of real property for tax purposes. Specifically, it limits the percentage increase in the assessed value of Class II and Class III properties to no more than seven percent or the percentage increase in the Consumer Price Index for all urban consumers, whichever is lower. This change applies to annual assessments starting October 1, 2024, and continues through the fiscal year beginning October 1, 2027.