Robert and Linda are a married couple who own and occupy their home in Mobile as their primary residence. They have applied for the Alabama homestead exemption. Which of the following statements correctly describes the maximum homestead exemption available to them?
Correct Answer
B) They may claim up to $30,000 because they are a married couple filing jointly.
Under Code of Alabama §6-10-2, a married couple may claim a homestead exemption of up to $30,000 on their primary residence. This is double the $15,000 individual exemption and protects that portion of the home's value from creditor claims. Robert and Linda, as a married couple, qualify for the full $30,000 exemption.
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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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- → The income approach to appraisal is most commonly used for which type of property?
- → External obsolescence in Oklahoma:
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Previous Question
A commercial office building in Birmingham has a fair market value of $500,000. The local millage rate is 40 mills. Using Alabama's classified property tax system, what is the annual ad valorem tax owed on this property?
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A power company owns a high-voltage transmission line corridor in Jefferson County. The corridor has been appraised at a fair market value of $2,000,000. Under Alabama's classified ad valorem property tax system, which assessment ratio applies, and what is the resulting assessed value?