Yellowhammer Times

House Bill 73, sponsored by Rep. Phillip Pettus of Killen, proposes limitations on annual real property appraisals. The bill aims to set a cap on the increase of assessed values for Class II and Class III properties. Under this legislation, Class II property assessments, which include business and commercial real estate, would be limited to a maximum 5% hike yearly. Meanwhile, Class III properties, such as agricultural, forest, residential, and designated historic properties, seek limitation to not more than a 3% rise in assessed value from the prior year.

Recently, the House Ways and Means General Fund Committee held a public hearing regarding HB 73. Presenting in favor of the bill were NFIB State Director Rosemary Elebash, along with the Alabama Forestry Association, ALFA, and the Alabama Association of Realtors. Their testimonies highlighted the perceived benefits of the bill.

Conversely, a range of organizations voiced opposition to the proposed legislation. The Alabama County Commission Association, Alabama League of Municipalities, Opelika City Schools, and the Lee County Superintendent expressed concerns during the hearing.

The Ways and Means General Fund Committee is anticipated to cast their votes on the bill shortly.