Code of Alabama - Title 40: Revenue and Taxation - Section 40-7-62 - Property appraised at fair and reasonable market value; basis of assessment for ad valorem taxes
Section 40-7-62 - Property appraised at fair and reasonable market value; basis of assessment for ad valorem taxes.
Each county governing body of this state, through its respective tax assessor, shall have the property of such county appraised at its fair and reasonable market value, which fair and reasonable market value shall be the basis of assessments for ad valorem taxes.