Relating to Property Tax; amending the cap on the assessed value of real property

SB 100 changes Alabama's property tax rules by replacing the current 7% annual cap on assessed value increases with a new limit tied to the Consumer Price Index (CPI). This affects most residential and commercial property owners, as the new rule applies to Class II and III properties under Alabama law. The bill limits annual tax increases to the percentage change in the CPI (from the previous year), rather than a fixed 7%, while exempting new construction, property never assessed, and certain family transfers. The change takes effect retroactively from October 1, 2024, and applies through 2027.