HB 399: "An Act relating to an optional exemption from, and deferral of payment of, municipal taxes on deteriorated property, and defining 'deteriorated property' for purposes of the exemption or deferral; and providing for an effective date."
00HOUSE BILL NO. 399 01 "An Act relating to an optional exemption from, and deferral of payment of, 02 municipal taxes on deteriorated property, and defining 'deteriorated property' for 03 purposes of the exemption or deferral; and providing for an effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 29.45.050 is amended by adding a new subsection to read: 06 (o) A municipality may by ordinance partially or totally exempt all or some 07 types of deteriorated property from taxation for up to five years. The municipality 08 may provide for renewal of the exemption under conditions established in the 09 ordinance. A municipality may by ordinance permit deferral of payment of taxes on 10 all or some types of deteriorated property for up to five years. The municipality may 11 provide for renewal of the deferral under conditions established in the ordinance. In 12 this subsection, "deteriorated property" means real property 13 (1) that has been the subject of an order by a government agency 14 requiring the property to be vacated, condemned, or demolished by reason of
01 noncompliance with laws, ordinances, or regulations; 02 (2) on which a structure or other improvement not less than 15 years 03 of age has undergone substantial rehabilitation, renovation, or replacement, subject to 04 any conditions prescribed in the ordinance; or 05 (3) located in a deteriorating or deteriorated area with boundaries that 06 have been determined by the municipality. 07 * Sec. 2. This Act takes effect July 1, 1998.