HB 84: "An Act relating to a municipal property tax exemption."

00 HOUSE BILL NO. 84 01 "An Act relating to a municipal property tax exemption." 02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 03 * Section 1. AS 29.45.050(a) is amended to read: 04 (a) A municipality may exclude or exempt or partially exempt residential 05 property from taxation by ordinance ratified by the voters at an election. An exclusion 06 or exemption authorized by this subsection may be applied with respect to taxes levied 07 in a service area to fund the special services. An exclusion or exemption authorized by 08 this subsection may not exceed the assessed value of $150,000 [$50,000] for any one 09 residence except that a municipality may, by ordinance, annually adjust their voter- 10 authorized exemption by the amount calculated by the State Assessor to reflect the 11 increase, if any, in the annual average cost of living, using the United States [U.S.] 12 Department of Labor CPI-U for Anchorage.