Alabama's classified ad valorem property tax system assigns specific assessment ratios to different classes of property. Which of the following statements about Alabama's property tax classification system is NOT correct?
Correct Answer
A) Class III agricultural property is assessed at 15% of fair market value
Option C is NOT correct because Class III agricultural property in Alabama is assessed at 10% of fair market value, not 15%. Alabama's classified system uses three assessment ratios: 10% (applied to both Class III agricultural and Class IV residential/farm property), 20% (Class II commercial/industrial), and 30% (Class I utilities). There is no 15% assessment tier in Alabama's ad valorem classification system.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Commingling is the illegal act of mixing client trust funds with a broker's personal or business operating funds; conversion is the misappropriation of those funds.
Continuing education (CE) refers to the ongoing coursework that licensed real estate professionals must complete during each renewal cycle to maintain an active license. CE ensures agents stay current with changes in laws, regulations, and industry practices.
The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
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