Industrial projects might be abated from property taxes for up to ten years except educational taxes. Alabama has a fixed assessment ratio established at 20% of assessed value for businesses. A $2 million minimum investment or 30% of original value to qualify and abatements are granted locally (Acts 92-598 and 599)
The amount of property taxes to be paid is determined by multiplying the appropriate millage rate by assessed value less the proper exemptions. The millage figures indicated below are equivalent to the number of dollars paid per $1,000 of assessed value. Property tax exemptions are available to qualifying companies through the Opelika City Council.
Millage Rates
Entity
| Apportionment
| Millage Rate
| Millage Totals for City of Opelika
|
|---|
State
| Public School*
| 3
| N/A
|
Soldier
| 1
| N/A
|
General Fund
| 2.5
| N/A
|
N/A
| N/A
| 6.5
|
Lee County
| General Fund
| 6.5
| N/A
|
Road and Bridge
| 3
| N/A
|
Hospital
| 2.5
| N/A
|
Dependent Children
| 1.5
| N/A
|
N/A
| N/A
| 13.5
|
School
| County Wide*
| 5
| N/A
|
District 1 - Opelika*
| 3
| N/A
|
N/A
| N/A
| 8
|
Opelika
| City of Opelika (16 mills to Education)*
| N/A
| 26
|
Overall Total for Opelika
| N/A
| N/A
| 54
|
*Cannot be abated.