SCS 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; relating to municipal taxation of oil and gas production and pipeline property; and providing for an effective date."
00 SENATE CS FOR 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; relating to municipal taxation 03 of oil and gas production and pipeline property; and providing for an effective 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 (a) of this section shall be limited 14 to a maximum period of five years. A municipality may by ordinance provide for the 15 deferral of payment of taxes permitted under (a) of this section to be of a shorter
01 duration. 02 (c) Subject to (b) of this section, a municipality may also by ordinance provide 03 that 04 (1) the deferral is terminated when 05 (A) a lot in the subdivision is sold; or 06 (B) a residential or commercial building is built on a lot in the 07 subdivision; or 08 (2) the deferral continues for the unsold lots in the subdivision after 09 (A) a lot in the subdivision is sold; or 10 (B) a residential or commercial building is constructed on a lot 11 in the subdivision. 12 * Sec. 2. AS 29.45.080(a) is amended to read: 13 (a) A municipality may levy and collect taxes on the full and true value of 14 taxable property taxable under AS 43.56 as valued by the Department of Revenue 15 [ONLY BY USING ONE OF THE METHODS SET OUT IN (b) OR (c) OF THIS 16 SECTION]. 17 * Sec. 3. AS 29.45.080(b), 29.45.080(c), 29.45.080(d), 29.45.080(e), 29.45.090(b), 18 29.45.090(c), 29.45.090(d); and AS 43.56.010(c) are repealed. 19 * Sec. 4. This Act takes effect July 1, 2012.