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Alabama Form 1120-H: What You Should Know

Property Tax Exemption — AL Dept. of Revenue For more information, you may visit the Property Tax Exemption website. The AL Dept. of Revenue gives the following guidance for condominium associations. The  property exempt from property tax is the common elements. The common elements are the lots, the roof, any utilities needed,  or the easement for a parking structure. Property owner pays annual assessments; annual tax on sale of common elements; and common elements will not be taxed. Property Exempt From Property Tax — AL Dept. of Revenue For more  information, please visit our website Association Form 1120-H — Alabama Department of Revenue When the association files its annual tax return, Form 1120-H is used to claim property exempt from property tax. This  is a good idea when you will be using the common  Income Tax — AL Dept. of Revenue Forms Archive — Alabama Department of Revenue All forms will download as a PDF. Please refer to the list of mailing addresses for the appropriate forms. For the latest information on the Association Exempt From Property Tax. The income tax exempts you for the ownership of the following: The common elements (lots on which taxes are levied) The shared building lots and the shared building foundations. For more information, visit our website.  Property owner's Tax Exemption — AL Dept. of Revenue Under Alabama Administrative Code Section 15-7-40(D)(15)(B) — Property Owner's Tax Exemption, if you own or lease your home as a member of an association, you qualify for a property tax exemption from property taxes based on the value of your home, as long as you own or lease your home as a member of that association. If you own your whole home, your property tax is based on the appraised value of your whole home. If you do not own or lease your home, your property tax is based on the assessed value of your entire home, excluding shared building lots, that you lease as part of your membership. This tax exemption is a special exception to the general rule that you must pay the total property tax. Income Tax — The IRS Property Tax Exemption — Federal Bureau of Exemptions Under income tax regulations, it is a different tax credit rule if you rent your property, as opposed to own it.

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