Ala. Code § 40-9E-2 (1975) - Abatement of state property taxes
|Cite as:||Ala. Code § 40-9E-2 (1975)|
|Currency:||Current through Act 579 of the 2018 Legislative Session|
(a) Notwithstanding any other law of this state, qualified property shall be entitled to an abatement of state property taxes provided the conditions of this section are satisfied.
(b) In lieu of paying the state property tax increment on qualified property, any owner of qualified property not exempt from ad valorem taxation must pay the state property tax increment on such qualified property to the public...
(c) State property tax increments received by the public entity which created the tax increment district in which the qualified property is located shall be used for both of the following:
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