00                             SENATE BILL NO. 259                                                                         
01 "An Act relating to an optional municipal limit to increases of the full and true value of                              
02 property owned and occupied as a permanent place of abode by a resident."                                               
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1. AS 29.45.110 is amended by adding a new subsection to read:                                           
05 (f)  A municipality may, by ordinance, prohibit the assessor from increasing                                            
06 the assessed value of real property over the previous year's assessed value by a                                        
07 percentage amount. The percentage amount may not be less than five percent. An                                          
08       ordinance adopted under this subsection                                                                           
09                 (1)  may include other requirements to administer and enforce the                                       
10       ordinance;                                                                                                        
11                 (2)  must require that the real property is owned and occupied as a                                     
12       permanent place of abode by a resident who occupies the real property for 185 or more                             
13       days during a calendar year; and                                                                                  
14                 (3)  must allow the assessor to increase the assessed value of the                                      
01 property if the property is improved or ownership of the real property is transferred to                                
02 the estimated price that the property would bring in an open market and under                                           
03 prevailing market conditions in a sale between a willing seller and a willing buyer                                     
04       both conversant with the property and with prevailing general price levels.