Alabama Administrative Code
Title 810 - ALABAMA DEPARTMENT OF REVENUE
Chapter 810-4-1 - AD VALOREM TAX
Section 810-4-1-.26 - Valuation And Assessment Of Business Personal Property Using Form ADV-40S (Short Form)

Universal Citation: AL Admin Code R 810-4-1-.26

Current through Register Vol. 43, No. 02, November 27, 2024

(1) In order to achieve uniformity throughout the State of Alabama, the following procedures must be followed for any taxpayer choosing to file Form ADV-40S (Short Form) in accordance with Act 2014-415 for assessment of business personal property.

(a) A taxpayer who meets the following qualifications has the option to file Form ADV-40S as an alternative to filing the itemized return (Form ADV-40).
1. To initially qualify for filing Form ADV-40S (Short Form), the taxpayer must have filed an itemized return (Form ADV-40) with the local assessing official for the immediately preceding year and the total acquisition cost of all taxable tangible personal property must have been $10,000 or less. For subsequent years, Form ADV-40S (Short Form) must have been filed for the previous year.

2. The taxpayer must have $10,000 or less in total acquisition cost of all tangible taxable personal property assets for the current year.

(2) The taxpayer upon filing Form ADV-40S (Short Form) agrees that his/her market value for the business personal property assessment will be $10,000 and taxes will be due based upon this market value.

(a) No refund of taxes overpaid by agreeing to the market value of $10,000 will be allowed.

(b) If a taxpayer knowingly submits a false or incorrect short form, the return shall be subject to a 50 percent penalty on all additional taxes found to be owed.

(c) All other penalties, fines and fees associated with the filing of a business personal property return remain in effect even if a taxpayer chooses to file Form ADV-40S (Short Form).

(3) If on any October 1 lien date a taxpayer's total acquisition cost of all taxable tangible personal property assets exceeds $10,000, the taxpayer is required to file an itemized return (Form ADV-40) with the local assessing official in the taxing jurisdiction in which the property is located.

Author: Jennifer Byrd

Statutory Authority: Code of Ala. 1975, §§ 40-2A-7(a)(5); Act 2014-415.

Disclaimer: These regulations may not be the most recent version. Alabama may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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