APPLICATION:
Application for "current use" valuation of Class III property must be filed by the property owner with the County Revenue Commissioner between October 1 and January 1 in any taxable year. The application form will include a description of the property as well as the "use" (row crop, pasture, timber, etc.) of the property. Application for "current use" is obtained by contacting the Montgomery County Appraisal Department at 131 S. Perry Street, Montgomery, AL (334) 832-1303.
VALUE DETERMINATION:
The State Department of Revenue, Ad Valorem Tax Division, will determine the "current use" values each year for soil group. These values are applicable to the entire State of Alabama.
CONVERSION aka: RECAPTURE:
If any property for which a "current use" valuation has been approved is converted to any use other than that for which the application was filed, the Revenue Commissioner shall revalue the property according to current market value as provided by Code of Alabama 1975, Section 40-7-25.3. The Revenue Commissioner shall then base his appraisal on the then current market value assessing such property accordingly for purpose of collecting any additional taxes due thereon. After conversion, taxes will be due based on the sales price or the fair and reasonable market value of such property at the time of its conversion, whichever is greater, for the preceding three (3) ad valorem tax years.