SB 57: "An Act relating to the municipal property tax exemption on residences of certain seniors and others; and providing for an effective date."
00 SENATE BILL NO. 57 01 "An Act relating to the municipal property tax exemption on residences of certain 02 seniors and others; and providing for an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 29.45.030(e) is amended to read: 05 (e) The real property owned and occupied as the primary residence and 06 permanent place of abode by a resident who is (1) 65 years of age or older; (2) a 07 disabled veteran; or (3) at least 60 years of age and the widow or widower of a person 08 who qualified for an exemption under (1) or (2) of this subsection is exempt from 09 taxation on the first $150,000 of the assessed value of the real property. A 10 municipality may by ordinance approved by the voters grant the exemption under this 11 subsection to the widow or widower under 60 years of age of a person who qualified 12 for an exemption under (2) of this subsection. A municipality may, in case of hardship, 13 provide for exemption beyond the first $150,000 of assessed value in accordance with 14 regulations of the department. The amount of the exemption for a tax year may also
01 be increased under (g) of this section. Only one exemption may be granted for the 02 same property, and, if two or more persons are eligible for an exemption for the same 03 property, the parties shall decide between or among themselves who is to receive the 04 benefit of the exemption. Real property may not be exempted under this subsection if 05 the assessor determines, after notice and hearing to the parties, that the property was 06 conveyed to the applicant primarily for the purpose of obtaining the exemption. The 07 determination of the assessor may be appealed under AS 44.62.560 - 44.62.570. 08 * Sec. 2. AS 29.45.030(g) is amended to read: 09 (g) The state shall reimburse a borough or city, as appropriate, for the real 10 property tax revenues lost to it by the operation of (e) of this section. However, 11 reimbursement may be made to a municipality for revenue lost to it only to the extent 12 that the loss exceeds an exemption that was granted by the municipality, or that on 13 proper application by an individual would have been granted under AS 29.45.050(a). 14 If appropriations are not sufficient to fully fund reimbursements under this subsection, 15 the amount available shall be distributed pro rata among eligible municipalities. The 16 amount of the exemption under (e) of this section for a tax year shall be the first 17 $200,000 of the assessed value of the real property if, by September 1 of the 18 previous tax year, the commissioner determines that the amount appropriated is 19 sufficient to fully fund reimbursements to all municipalities at this increased 20 exemption amount. 21 * Sec. 3. AS 29.45.050(i) is amended to read: 22 (i) A municipality may by ordinance approved by the voters exempt from 23 taxation the portion of assessed value [THAT EXCEEDS $150,000] of real property 24 that qualifies for an exemption under AS 29.45.030(e) - (i) but is not exempted 25 under those subsections [OWNED AND OCCUPIED AS A PERMANENT PLACE 26 OF ABODE BY A RESIDENT WHO IS 27 (1) 65 YEARS OF AGE OR OLDER; 28 (2) A DISABLED VETERAN, INCLUDING A PERSON WHO WAS 29 DISABLED IN THE LINE OF DUTY WHILE SERVING IN THE ALASKA 30 TERRITORIAL GUARD; OR 31 (3) AT LEAST 60 YEARS OLD AND A WIDOW OR WIDOWER
01 OF A PERSON WHO QUALIFIED FOR AN EXEMPTION UNDER (1) OR (2) OF 02 THIS SUBSECTION]. 03 * Sec. 4. This Act takes effect July 1, 2011.