00SENATE CS FOR HOUSE BILL NO. 399(RLS)                                                                                 
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 exempt all or some types of                                            
07 deteriorated property from taxation for up to five years after the day substantial                                      
08 rehabilitation, renovation, or replacement of any structure on the property begins.  A                                  
09 municipality may by ordinance permit deferral of payment of taxes on all or some                                        
10 types of deteriorated property for up to five years after the day substantial                                           
11 rehabilitation, renovation, or replacement of any structure on the property begins.                                     
12 However, if the ownership of property for which a deferral has been granted is                                          
13 transferred, all tax payments deferred under this subsection are immediately due and                                    
14 the deferral ends, or, if ownership of only part of the property is transferred, all tax                                

01 payments attributable to that part are immediately due and the deferral attributable to                                 
02 that part ends.  Only one exemption and only one deferral may be granted to the same                                    
03 property under this subsection.  In this subsection, "deteriorated property" means real                                 
04 property that is commercial property not used for residential purposes or that is multi-                                
05 unit residential property with at least eight residential units, and that                                               
06   (1)  has been the subject of an order by a government agency requiring                                               
07 the property to be vacated, condemned, or demolished by reason of noncompliance                                         
08 with laws, ordinances, or regulations;                                                                                  
09   (2)  has a structure on it not less than 15 years of age that has                                                    
10 undergone substantial rehabilitation, renovation, or replacement, subject to any                                        
11 conditions prescribed in the ordinance; or                                                                              
12   (3)  is located in a deteriorating or deteriorated area with boundaries that                                         
13 have been determined by the municipality.                                                                               
14    * Sec. 2.  This Act takes effect July 1, 1998.