00                             SENATE BILL NO. 232                                                                         
01 "An Act relating to an optional municipal property tax exemption for residential                                        
02 property."                                                                                                              
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1. AS 29.45.050(a) is amended to read:                                                                   
05            (a)  A municipality may classify residential property as to type and exclude,                        
06       [OR] exempt, or partially exempt one or more types of residential property from                           
07       taxation by ordinance ratified by the voters at an election. An exclusion or exemption                            
08       authorized by this subsection may be applied with respect to taxes levied in a service                            
09       area to fund the special services. An exclusion or exemption authorized by this                                   
10       subsection may not exceed the assessed value of $50,000 [$20,000] for any one                                 
11       residence.