Alabama § 45-51-242.20 - Taxation Exemption for Certain Owner-Developers.

§ 45-51-242.20. Taxation Exemption for Certain Owner-Developers.

(a) The County of Montgomery may henceforth grant county ad valorem tax exemptions for county property taxes to owner-developers who build new commercial or industrial facilities within the downtown business district of the City of Montgomery, as that district is defined by the governing body of the city, and upon the terms and conditions as hereinafter provided for.

(b) In order to qualify for the ad valorem tax exemptions provided for in subsection (a), the owner-developer must file an application with the county governing body in accordance with procedures established by the governing body of the county, setting forth the improvements proposed to be made and the value at which the county property was assessed in the year preceding the grant of exemption which amount shall continue to be paid during the period of exemption. Pursuant to the application, the governing body of the County of Montgomery is authorized to grant the exemption provided in subsection (a) for any period up to 15 years upon the condition that the exemption shall apply only to the increase in value of the property caused by the construction or development of new commercial or industrial facilities.

(c) The tax exemption herein provided for shall not effect any taxes other than county ad valorem taxes and shall be effective as to the county ad valorem taxes due to be paid on the property after the substantial completion of the improvements proposed in the application. When an exemption is granted under the authority established by this section, the county administrator or like officer of the county will cause a certified copy of the exemption resolution adopted by the governing body of the county, in writing acknowledged in the form required by law in the taking of acknowledgements for deeds of real property, to be filed in the office of the Judge of Probate of Montgomery County and in the office of the tax assessor or like officer of Montgomery County.

(d) At the end of the exemption period, or in the event of failure of the owner to pay the ad valorem property tax herein provided for on or before the delinquent tax date, such property shall be assessed and taxed in same manner as other unexempted like property within the county jurisdiction.