First degree Theft occurs when the value of the property involved exceeds $2,500 in value. It can also apply if a car (of any value) is alleged to have been stolen. Theft First Degree is a Class B felony. The potential punishment is from 2-20 years in prison.Click to see full answer. Also question is, what is theft in the first degree?A person is guilty of theft in the first degree if he or she commits theft of: Property or services which exceed(s) five thousand dollars in value other than a firearm; Property of any value, other than a firearm or a motor vehicle, taken from the person of another; or.Also, what is the statute of limitations on theft in Alabama? In Alabama, all misdemeanor charges are subject to a statute of limitations of one year. See Alabama Code § 15-3-2. FELONY STATUTE OF LIMITATIONS – GENERAL RULE AND EXCEPTIONS. Most Alabama felony offenses have a statute of limitations period of five years. Also question is, what is the difference between 1st 2nd and 3rd degree theft? The category/degree is determined by the value of stolen item. Conviction of one of these crimes may result in a very detrimental outcome. Both First and Second-Degree Theft (aka Theft 1 and Theft 2) are felony offenses. Third Degree Theft (aka Theft 3) is a gross misdemeanor.Is theft of property a felony?The distinction between whether theft is a misdemeanor or a felony is dependent on the value of the cash or property stolen. Many states classify theft of up to $500 as a misdemeanor and theft of larger amounts as a felony. Grand larceny is a felony.