CSHB 264(CRA): "An Act allowing a deferral of municipal property taxes on the increase in the value of real property attributable to subdivision of that property; and providing for an effective date."
00 CS FOR HOUSE BILL NO. 264(CRA) 01 "An Act allowing a deferral of municipal property taxes on the increase in the value of 02 real property attributable to subdivision of that property; and providing for an effective 03 date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 29.45 is amended by adding a new section to read: 06 Sec. 29.45.051. Tax deferral for certain subdivided property. (a) A 07 municipality may by ordinance permit deferral of payment of taxes on all or a portion 08 of the increase in assessed value directly attributable to 09 (1) the subdivision of a single parcel of property into three or more 10 parcels; and 11 (2) any improvements made to the property necessitated by its 12 subdivision. 13 (b) A deferral from taxation allowed under this (a) of this section shall be 14 limited to a maximum period of five years. However, a municipality may by ordinance
01 provide for termination of the deferral in less than five years for all or a portion of a 02 subdivided parcel, based on the date on which 03 (1) all or a portion of the subdivided parcel is sold; or 04 (2) a residential or commercial building is constructed on the 05 subdivided parcel. 06 (c) A municipality may by ordinance provide a process for applying the tax 07 deferral allowed under (a) of this section to an unsold portion of a subdivided parcel 08 after the date on which 09 (1) a portion of the subdivided parcel is sold; or 10 (2) a residential or commercial building is constructed on the 11 subdivided parcel. 12 * Sec. 2. This Act takes effect July 1, 2012.