00                 SPONSOR SUBSTITUTE FOR HOUSE BILL NO. 38                                                               
01 "An Act relating to an optional exemption from municipal property taxes for residential                                 
02 property."                                                                                                              
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1.  AS 29.45.050(a) is amended to read:                                                                  
05            (a)  A municipality may exclude or exempt or partially exempt residential                                    
06       property from taxation by ordinance ratified by the voters at an election. An exclusion                           
07       or exemption authorized by this subsection may be applied with respect to taxes levied                            
08       in a service area to fund the special services. An exclusion or exemption authorized by                           
09       this subsection may not exceed the assessed value of $100,000 [$20,000] for any one                           
10       residence.