Margaret owns a home in Tuscaloosa that she uses as her primary residence. She has applied for and received the standard Alabama homestead exemption. Under Alabama law, what is the maximum homestead exemption amount available to Margaret as an individual homeowner?
Correct Answer
C) $15,000
Under Code of Alabama §6-10-2, the basic homestead exemption for an individual homeowner in Alabama is $15,000. This amount protects that portion of the primary residence's value from creditor claims. A married couple may claim up to $30,000, but Margaret as an individual is limited to $15,000.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Reconciliation is the final step in the appraisal process where the appraiser analyzes the value indications from all applicable approaches and arrives at a single final opinion of value. It is not a simple average of the three values.
The comparable sales approach estimates a property's value by comparing it to similar properties that have recently sold in the same market area. It is the most widely used and reliable approach for appraising residential properties.
The cost approach estimates a property's value by calculating the current cost to rebuild the improvements, subtracting accumulated depreciation, and adding the land value. It is most reliable for new construction and special-purpose properties.
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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?
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