CSHB 76(RLS) AM S: "An Act relating to an exemption from and deferral of payment on municipal taxes on deteriorated property; and providing for an effective date."
00CS FOR HOUSE BILL NO. 76(RLS) am S 01 "An Act relating to an exemption from and deferral of payment on municipal 02 taxes on deteriorated property; and providing for an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 29.45.050(o) is amended to read: 05 (o) A municipality may by ordinance partially or totally exempt all or some 06 types of deteriorated property from taxation for up to five years beginning on or any 07 time after the day substantial rehabilitation, renovation, or replacement of any structure 08 on the property begins. A municipality may by ordinance permit deferral of payment 09 of taxes on all or some types of deteriorated property for up to five years beginning 10 on or any time after the day substantial rehabilitation, renovation, or replacement of 11 any structure on the property begins. However, if the ownership of property for which 12 a deferral has been granted is transferred, all tax payments deferred under this 13 subsection are immediately due and the deferral ends, or, if ownership of any [ONLY] 14 part of the property is transferred, all tax payments [ATTRIBUTABLE TO THAT
01 PART] are immediately due . The amount deferred each year is a lien on that 02 property for that year [AND THE DEFERRAL ATTRIBUTABLE TO THAT PART 03 ENDS]. Only one exemption and only one deferral may be granted to the same 04 property under this subsection , and, if an exemption and a deferral are granted to 05 the same property, both may not be in effect on the same portion of the property 06 during the same time. An ordinance adopted under this subsection must include 07 specific eligibility requirements and require a written application for each 08 exemption or deferral . In this subsection, "deteriorated property" means real property 09 that is commercial property not used for residential purposes or that is multi-unit 10 residential property with at least eight residential units, and that 11 (1) has been the subject of an order by a government agency requiring 12 the property to be vacated, condemned, or demolished by reason of noncompliance 13 with laws, ordinances, or regulations; 14 (2) has a structure on it not less than 15 years of age that has 15 undergone substantial rehabilitation, renovation, or replacement, subject to any 16 conditions prescribed in the ordinance; or 17 (3) is located in a deteriorating or deteriorated area with boundaries that 18 have been determined by the municipality. 19 * Sec. 2. AS 29.45.050(o) is repealed July 1, 2002. 20 * Sec. 3. This Act takes effect July 1, 1999.