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FISCAL NOTE
House Bill 73
Committee: Ways and Means General FundSponsor: Representative Phillip Pettus
Analyst: Riley Aaron Date: 02/26/2024
House Bill 73 as introduced could decrease potential future ad valorem tax reciepts collected on
Class II and Class III property to the following funds by the estimated annual amounts listed by
capping the growth in the assessed value of Class II and Class III properties by 5% and 3%
respectively, of the assessed value of the previous year, pursuant to the provisions of this bill.
These estimates were based on the average annual growth in assessed values for Class II and
Class III properties between 2019 and 2022 (taxes collected in Fiscal Years 2020 through 2020).
Source State CountySchoolMunicipalTotal
Ad Valorem
Tax
Public School Funds: $5.1M
$25.8M$25.7M$11.3M$73.8M
State General Fund: $4.3M
Veterans' Assistance Fund: $1.7M
Alabama Historical
Commission:$17k
Total: $11.1M