SSHB 285: "An Act relating to the amount of the homestead exemption and to the method of changing amounts of exemptions."

00SPONSOR SUBSTITUTE FOR HOUSE BILL NO. 285 01 "An Act relating to the amount of the homestead exemption and to the method 02 of changing amounts of exemptions." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 09.38.010(a) is amended to read: 05  (a) An individual is entitled to an exemption as a homestead of the individual's 06 interest in property in this state used as the principal residence of the individual or the 07 dependents of the individual, but the value of the homestead exemption may not 08 exceed $150,000 [$54,000]. 09 * Sec. 2. AS 09.38.010(b) is amended to read: 10  (b) If property owned by the entirety or in common is used by one or more 11 individual owners or their dependents as their principal residence, each owner is 12 entitled to a homestead exemption of that owner's interest in the property as provided 13 in (a) of this section. The aggregate value of multiple homestead exemptions 14 allowable with respect to a single living unit may not exceed $150,000 [$54,000]. If

01 there are multiple owners of property exempt as a homestead, the value of the 02 exemption of each individual owner may not exceed the individual owner's pro rata 03 portion of $150,000 [$54,000]. 04 * Sec. 3. AS 09.38.115(a) is amended to read: 05  (a) The dollar amount of an exemption [AMOUNTS] in this chapter changes 06 [CHANGE], as provided in this section, according to and to the extent of the change 07 [CHANGES] in the annual average Consumer Price Index for all Urban Consumers 08 for the Anchorage Metropolitan Area compiled by the Bureau of Labor Statistics, 09 United States Department of Labor (the index). The index for the most recent year 10 that the amount of the exemption is established or amended by legislation other 11 than this section [JANUARY OF 1982] is the reference base index. 12 * Sec. 4. AS 09.38.115(b) is amended to read: 13  (b) The dollar amount of an exemption established by a statute other than 14 this section changes [AMOUNTS CHANGE] on October 1 of each even-numbered 15 year if the percentage of change, calculated to the nearest whole percentage point, 16 between the index for the preceding calendar [JANUARY OF THAT] year and the 17 reference base [MOST RECENT] index for [USED TO CHANGE] the exemption 18 [AMOUNT,] is 10 percent or more, but the 19  (1) [THE] portion of the percentage change in the index in excess of 20 a multiple of 10 percent is disregarded and the dollar amount of the exemption 21 changes [AMOUNTS CHANGE] only in multiples of 10 percent of the dollar amount 22 [AMOUNTS APPEARING IN THIS CHAPTER ON AUGUST 26, 1982]; and 23  (2) [THE] dollar amounts do not change if the amounts required by this 24 section are those currently in effect as a result of earlier application of this section.