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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.