HB 217: "An Act relating to the determination of full and true value of taxable municipal property for purposes of calculating funding for education and certain other programs."
00 HOUSE BILL NO. 217 01 "An Act relating to the determination of full and true value of taxable municipal 02 property for purposes of calculating funding for education and certain other programs." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 14.17.510(a) is amended to read: 05 (a) To determine the amount of required local contribution under 06 AS 14.17.410(b)(2) and to aid the department and the legislature in planning, the 07 Department of Commerce, Community, and Economic Development, in consultation 08 with the assessor for each district in a city or borough, shall determine the full and true 09 value of the taxable real and personal property in each district in a city or borough. If 10 there is no local assessor or current local assessment for a city or borough school 11 district, then the Department of Commerce, Community, and Economic Development 12 shall make the determination of full and true value from information available. In 13 making the determination, the Department of Commerce, Community, and Economic 14 Development shall be guided by AS 29.45.110. However, the full and true value of
01 taxable real and personal property in any area detached shall be excluded from 02 the determination of the full and true value of the municipality from which the 03 property was detached for the two years immediately preceding the effective date 04 of the detachment. Also, in making the determination for a municipality that is a 05 school district, or for a city that is within a borough school district, the assessed 06 value of property taxable under AS 43.56 shall be excluded if a tax is not levied 07 under AS 29.45.080 by the municipality that is the school district. The 08 determination of full and true value shall be made by October 1 and sent by certified 09 mail, return receipt requested, on or before that date to the president of the school 10 board in each city or borough school district. Duplicate copies shall be sent to the 11 commissioner. The governing body of a city or borough that is a school district may 12 obtain judicial review of the determination. The superior court may modify the 13 determination of the Department of Commerce, Community, and Economic 14 Development only upon a finding of abuse of discretion or upon a finding that there is 15 no substantial evidence to support the determination.