If passed, the measure would ease the financial burden on Alabama's small businesses
House Bill 73, sponsored by Rep. Phillip Pettus of Killen would cap annual real property appraisals for Class II property (business and commercial) and Class III property (agriculture, forest, residential, and designated historic property). Under the measure, Class II property would be limited to not more than a 5% increase in the assessed value of the property from the previous year’s assessed value. Class III property would be limited to not more than a 3% increase in the assessed value of the property from the previous year’s assessed value.
A public hearing was held on HB 73 in the House Ways and Means General Fund Committee this week. NFIB State Director Rosemary Elebash, along with the Alabama Forestry Association, ALFA, and Alabama Association of Realtors testified supporting the bill. The Alabama County Commission Association, Alabama League of Municipalities, Opelika City Schools, and the Lee County Superintendent spoke in opposition to the bill.
The Ways and Means General Fund Committee is expected to vote on the bill soon.
