00 HOUSE 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
08 * Sec. 3. AS 09.38.010(b) is repealed.