HB 146: "An Act relating to a municipal tax exemption for certain subdivided property."
00 HOUSE BILL NO. 146 01 "An Act relating to a municipal tax exemption for certain subdivided property." 02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 03 * Section 1. AS 29.45.050 is amended by adding a new subsection to read: 04 (x) A municipality may by ordinance partially or wholly exempt from taxation 05 all or a portion of the increase in assessed value directly attributable to the subdivision 06 of a single parcel of property into three or more parcels and any improvements made 07 to the property necessitated by its subdivision. An ordinance adopted under this 08 subsection may not provide for the exemption that exceeds five years in duration. A 09 municipality may also by ordinance provide that 10 (1) the exemption is terminated when 11 (A) a lot in the subdivision is sold; or 12 (B) a residential or commercial building is built on a lot in the 13 subdivision; or 14 (2) the exemption continues for the unsold lots in the subdivision after 15 (A) a lot in the subdivision is sold; or
01 (B) a residential or commercial building is constructed on a lot 02 in the subdivision.