HB 285: "An Act relating to the homestead exemption."
00HOUSE BILL NO. 285 01 "An Act relating to the homestead exemption." 02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 03 * Section 1. AS 09.38.010(a) is amended to read: 04 (a) An individual is entitled to an exemption as a homestead of the individual's 05 interest in property in this state used as the principal residence of the individual or the 06 dependents of the individual [, BUT THE VALUE OF THE HOMESTEAD 07 EXEMPTION MAY NOT EXCEED $54,000]. 08 * Sec. 2. AS 09.38.060(a) is amended to read: 09 (a) If property, or a part of it, that could have been claimed as an exempt 10 homestead under AS 09.38.010, a burial plot under AS 09.38.015(a)(1), a health aid 11 under AS 09.38.015(a)(2), or personal property subject to a value limitation under 12 AS 09.38.020(a)(1) [,] or (2), or 09.38.020(c), has been taken or sold by condemnation, 13 or has been lost, damaged, or destroyed and the owner has been indemnified for it, the 14 individual is entitled to an exemption of proceeds that are traceable for 12 months after
01 the proceeds are received. An individual is entitled to an exemption of proceeds from 02 the voluntary sale of an exempt homestead under AS 09.38.010 that are traceable for 03 six months after the proceeds are received. The exemption of proceeds under this 04 subsection does not entitle the individual to claim an aggregate exemption in excess 05 of the value of the exemption [LIMITATION] otherwise allowable under 06 AS 09.38.010 or the value limitation otherwise allowable under AS 09.38.020 07 [09.38.020]. 08 * Sec. 3. AS 09.38.010(b) is repealed.