Alabama's ad valorem property tax system classifies property into four categories with different assessment ratios. Which of the following correctly matches a property class with its assessment ratio?
Correct Answer
A) Class II (commercial/industrial) — 20% of fair market value
Class II property, which includes commercial and industrial property, is assessed at 20% of fair market value under Alabama's classified ad valorem tax system. This places it between the highest rate (Class I utilities at 30%) and the lower rates for agricultural and residential property (both at 10%).
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