Real Property

In Alabama, real property is generally required to be valued at its Fair Market Value as provided by Section 40-7-15, Code of Alabama 1975. An exception to this requirement is Current Use Value, which is provided for under Section 40-7-25.1, Code of Alabama 1975.

How Real Property Is Valued

There are two primary components considered when valuing real property:

• Land
• Improvements — buildings and other improvements located on the land

Property values should be established consistently to promote equalization, meaning similar properties are valued fairly and consistently.

To help ensure uniform and equitable property valuations throughout Alabama, the Alabama Department of Revenue has developed two resources used in the appraisal process:

• The Property Tax Plan for Equalization
• The Alabama Real Property Appraisal Manual

Field Appraisals

Lee County field appraisers visit properties throughout the county to verify property information and ensure that accurate and current data is being used in the appraisal process.