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40-7-25.1
Section 40-7-25.1 Current use value of Class III property - Definition; appraisal of property
at request of owner; legislative intent; applicability of section; method of valuation; factors
considered in appraisal; rules and regulations of Department of Revenue; hearing objections.
(a) For ad valorem tax years beginning on and after October 1, 1978, with respect to taxable
property defined in Section 40-8-1, as amended, as Class III property and upon request by
the owner of such property as hereinafter provided, the assessor shall base his appraisal
of the value of such property on its current use on October 1 in any taxable year and not
on its fair and reasonable market value. Failure of an owner of Class III property to request
appraisal at current use value shall mean that the property shall be valued on its fair and
reasonable market value as otherwise provided in this title until such time as the owner thereof
shall request valuation on the basis of current use value. As used in...
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18-1A-170
Section 18-1A-170 Compensation standards; valuation in case of partial taking. (a) An owner
of property acquired by eminent domain is entitled to compensation determined under the standards
prescribed in this article. (b) If there is a partial taking, the valuation rule is the difference
between the fair market value of the entire property before the taking and the fair market
value of the remainder after the taking. (Acts 1985, No. 85-548, p. 802, §§906, 1001.)...
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40-2-16
Section 40-2-16 Equalization of valuation generally. It shall be the duty of the Department
of Revenue to examine such of the tax records of the several counties as will enable it to
ascertain whether the tax valuation of the various classes of property as made in the respective
counties of the state, is reasonably uniform as between the respective counties and is in
proportion to the fair and reasonable market value of the property assessed. The purpose and
intent of this title is to bring about as far as practicable an equalization throughout the
state of the value of the various classes of property subject to taxation, so that the proportion
of the fair and reasonable market value of the property as fixed for assessment in one county
shall be in due proportion to the fair and reasonable market value of the same classes of
property in other counties, fixed on the same basis for assessment, and that such classes
of property in every county shall bear their proportion of the tax...
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23-1-416
Section 23-1-416 Valuation of property acquired for airport expansion. For the purpose of acquiring
property for the expansion of an airport operated by a political subdivision, the value of
the property within the existing or future runway protection zone, as depicted on the most
current airport layout plan approved by the FAA, shall be based on the fair market value of
the property without regard to the property's location within the existing or future runway
protection zone. (Act 2009-579, p. 1701, §8.)...
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18-4-15
Section 18-4-15 Reimbursement of recording fees, transfer taxes, etc. Any state agency requiring
real property in connection with any program or project shall, as soon as practicable after
the date of payment of the purchase price or the date of deposit into court of funds to satisfy
the award of compensation in a condemnation proceeding to acquire real property, whichever
is the earlier, reimburse the owner, to the extent the state agency deems fair and reasonable,
for expenses he or she necessarily incurred for recording fees, transfer taxes, expenses incidental
to conveying the real property to the state agency, penalty costs for prepayment for any preexisting
recorded mortgage entered into in good faith encumbering the real property, the pro rata portion
of real property taxes paid which are allocable to a period subsequent to the date of vesting
title in the state agency, or the effective date of possession of the real property by the
state agency, whichever is the earlier. (Act...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/18-4-15.htm - 1K - Match Info - Similar pages
11-54B-49
Section 11-54B-49 Amendment of the self-help business improvement district ordinance. (a) The
governing body of the municipality may amend an ordinance relating to the self-help business
improvement district upon the written request of a representative group of the owners of the
nonexempt real property located within the geographical area of the district. The request
shall specify the desired amendment or amendments which should be made by the governing body
of the municipality to the self-help business improvement district ordinance. The request
shall also include the signatures of the owners of the nonexempt real property comprising
at least 60 percent of the total fair market value of all real property located in the district,
or the owners of at least 50 percent of the parcels of property located within the district;
or, alternatively with respect to a district funded by assessments against a particular class
of businesses, the signatures of the owners of businesses, consistent...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-54B-49.htm - 5K - Match Info - Similar pages
18-1A-75
Section 18-1A-75 Recording notice of pending action; amendment of complaint after notice filed;
notice of dismissal. (a) After commencement of a condemnation action, the plaintiff shall
cause a notice of the pendency of the proceedings to be recorded in the office of the probate
court in each county in which any real property described in the complaint is located. (b)
The notice shall contain: (1) The title of the action and the probate court, docket number
if available, and date of filing of the complaint; (2) A legal description of the real property
sought to be taken as described in the complaint; and (3) The name of each plaintiff and each
defendant designated in the complaint. (c) The notice shall be filed for record and indexed
in the same manner as a notice of lis pendens in other cases. (d) If after the filing of a
notice the complaint in the action is amended to enlarge the quantity of, or nature of the
interest in, the real property to be taken, or to add or substitute...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/18-1A-75.htm - 1K - Match Info - Similar pages
40-18-6
Section 40-18-6 Gain or loss - Basis of property; adjusted basis. (a) Basis (unadjusted) of
property. The basis of property shall be the cost of the property with the following exceptions:
(1) INVENTORY VALUE. If the property should have been included in the last inventory, the
basis shall be the last inventory value thereof. (2) GIFT or TRANSFER IN TRUST. If the property
was acquired by gift or by a transfer in trust the basis shall be determined in accordance
with 26 U.S.C. § 1015. If property was acquired by gift or transfer in trust on or after
December 31, 1932 and prior to March 15, 1985, the basis shall be the fair and reasonable
market value of the property at the time of the acquisition. (3) PROPERTY TRANSMITTED AT DEATH.
If the property was acquired from a decedent, the taxpayer's basis in the property shall be
determined in accordance with 26 U.S.C. § 1014. (4) PROPERTY ACQUIRED UPON LIKE-KIND EXCHANGE.
If the property was acquired upon an exchange described in subsection...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-6.htm - 7K - Match Info - Similar pages
40-7-25.2
Section 40-7-25.2 Current use value of Class III property - Qualification procedure; appeal
from denial of application; new owner required to reapply upon sale of property. (a) Any owner
of eligible taxable property described in Section 40-7-25.1 may apply to have such property
assessed for purposes of ad valorem taxation at the appropriate ratio of assessed value to
the current use value of such property by filing a written application, in form as prescribed
by the Department of Revenue, with the tax assessor of the county in which such property is
located, on and after October 1 but not later than January 1 in any taxable year; provided,
however, that with respect to assessments of eligible taxable property respecting the taxable
year that began on October 1, 1981, such applications may be filed with the tax assessor not
later than June 30, 1982. (b) The application form for qualification of real property as agricultural
property shall set forth a description of the real property, a...
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45-20-150.05
Section 45-20-150.05 Bingo games - Legislative intent; actual expenses; consulting fees. (a)
It is the intention of the Legislature that only qualified organizations that are properly
issued permits or special permits shall be allowed to operate bingo sessions. A qualified
organization shall not lend its name nor allow its identity to be used by any other person
in conducting or promoting a bingo session in which the other person has a substantial financial
interest. (b) It is unlawful for two or more qualified organizations to pyramid the valuation
of prizes in a manner to exceed the limits in cash, or gifts of equivalent value, as provided
in Section 45-20-150.08. The term "equivalent value" means the fair market value
of the gift on the date the gift is given as the prize in a bingo session. (c) Except as otherwise
provided by this article, a qualified organization may deduct the reasonable expenses of operating
and conducting its bingo sessions. Reasonable expenses shall be defined...
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