Property taxing method set to change
By Staff
John Hicks FCT Staff Writer
Beginning later this year, the property values of Franklin County residents will be adjusted on a yearly basis.
Under Annual Equalization, values will be adjusted yearly as necessary instead of once every four years, according to Franklin County Revenue Commissioner Don Garrard.
In Alabama, Annual Equalization is a comparison of appraised values related to actual sales of real property. Proponents of Annual Equalization say that the method accomplishes true equalization of values using incremental steps.
Some areas within Franklin County experience faster property value increases than other areas. Garrard said Annual Equalization will allow for adjustments to be made as necessary to more accurately reflect true market value, and will allow property owners to more easily absorb any tax increases.
The Annual Equalization method will begin in October at the end of the current four-year adjustment cycle. Garrard noted that there will be no additional property tax increase if state law remains the same.
After property value changes are mailed, owners are given 10 days to file an appeal. Residents who feel their property has been incorrectly appraised should contact the Franklin County Board of Equalization. For information, call 332-8837.
The Revenue Commission offers free brochures on Annual Equalization and other tax-related subjects, including Homestead Exemption, fees, timetables and current use. The brochures are available at the commission's office at the Franklin County Courthouse.
Garrard pointed out that some residents are failing to pay taxes on business personal property. Business personal property refers to items that are used in any business and are movable or not permanently fixed to the land.
Another area of concern for the commission is making sure all properties are correctly classified.
Those claiming Homestead Exemption should make sure their request complies with current law.
The move to Annual Equalization will mean more work for county appraisers.
Garrard reminded all new property owners that it is their responsibility to comply with the following steps:
