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)
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.
(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.
(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.