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SSHB 285: "An Act relating to the amount of the homestead exemption and to the method of changing amounts of exemptions."

00 SPONSOR SUBSTITUTE FOR HOUSE BILL NO. 285                                                                               
01 "An Act relating to the amount of the homestead exemption and to the method                                             
02 of changing amounts of exemptions."                                                                                     
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1.  AS 09.38.010(a) is amended to read:                                                                    
05  (a)  An individual is entitled to an exemption as a homestead of the individual's                                     
06 interest in property in this state used as the principal residence of the individual or the                             
07 dependents of the individual, but the value of the homestead exemption may not                                          
08 exceed $150,000 [$54,000].                                                                                            
09    * Sec. 2.  AS 09.38.010(b) is amended to read:                                                                       
10  (b)  If property owned by the entirety or in common is used by one or more                                            
11 individual owners or their dependents as their principal residence, each owner is                                       
12 entitled to a homestead exemption of that owner's interest in the property as provided                                  
13 in (a) of this section.  The aggregate value of multiple homestead exemptions                                           
14 allowable with respect to a single living unit may not exceed $150,000 [$54,000].  If                                 
01 there are multiple owners of property exempt as a homestead, the value of the                                           
02 exemption of each individual owner may not exceed the individual owner's pro rata                                       
03 portion of $150,000 [$54,000].                                                                                        
04    * Sec. 3.  AS 09.38.115(a) is amended to read:                                                                       
05  (a)  The dollar amount of an exemption [AMOUNTS] in this chapter changes                                          
06 [CHANGE], as provided in this section, according to and to the extent of  the change                                  
07 [CHANGES] in the annual average  Consumer Price Index for all Urban Consumers                                         
08 for the Anchorage Metropolitan Area compiled by the Bureau of Labor Statistics,                                         
09 United States Department of Labor (the index).  The index for  the most recent year                                    
10 that the amount of  the exemption is established or amended by legislation other                                        
11 than this section [JANUARY OF 1982] is the reference base index.                                                       
12    * Sec. 4.  AS 09.38.115(b) is amended to read:                                                                       
13  (b)  The dollar amount of an exemption established by a statute other than                                           
14 this section changes [AMOUNTS CHANGE] on October 1 of each even-numbered                                               
15 year if the percentage of change, calculated to the nearest whole percentage point,                                     
16 between the index for the preceding calendar [JANUARY OF THAT] year and the                                          
17 reference base  [MOST RECENT] index for  [USED TO CHANGE] the exemption                                              
18 [AMOUNT,] is 10 percent or more, but the                                                                              
19   (1)  [THE] portion of the percentage change in the index in excess of                                                
20 a multiple of 10 percent is disregarded and the dollar amount of the exemption                                         
21 changes [AMOUNTS CHANGE] only in multiples of 10 percent of the dollar amount                                        
22 [AMOUNTS APPEARING IN THIS CHAPTER ON AUGUST 26, 1982]; and                                                             
23   (2)  [THE] dollar amounts do not change if the amounts required by this                                              
24 section are those currently in effect as a result of earlier application of this section.