Alabama Code 40-18-41. Amortization of ad valorem tax
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Terms Used In Alabama Code 40-18-41
- Amortization: Paying off a loan by regular installments.
- state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
Any surplus remaining from the proceeds of the tax imposed by this chapter after providing for interest and installment annual payments or annual amortization installments on the current debts of the state as of September 30, 1932, shall be applied to the reduction of the ad valorem state tax on real and personal property.