00SENATE CS FOR HOUSE BILL NO. 399(JUD)                                                                                 
01 "An Act relating to an optional exemption from, and deferral of payment of,                                             
02 municipal taxes on deteriorated property, and defining 'deteriorated property' for                                      
03 purposes of the exemption or deferral; and providing for an effective date."                                            
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                               
05    * Section 1.  AS 29.45.050 is amended by adding a new subsection to read:                                          
06  (o)  A municipality may by ordinance partially or totally exempt all or some                                          
07 types of deteriorated property from taxation for up to five years after the day                                         
08 substantial rehabilitation, renovation, or replacement of any structure or improvement                                  
09 on the property begins.  The municipality may provide for renewal of the exemption                                      
10 under conditions established in the ordinance.  A municipality may by ordinance                                         
11 permit deferral of payment of taxes on all or some types of deteriorated property for                                   
12 up to five years after the day substantial rehabilitation, renovation, or replacement of                                
13 any structure or improvement on the property begins.  The municipality may provide                                      
14 for renewal of the deferral under conditions established in the ordinance.  In this                                     

01 subsection, "deteriorated property" means real property                                                                 
02   (1)  that has been the subject of an order by a government agency                                                    
03 requiring the property to be vacated, condemned, or demolished by reason of                                             
04 noncompliance with laws, ordinances, or regulations;                                                                    
05   (2)  on which a structure or other improvement not less than 15 years                                                
06 of age has undergone substantial rehabilitation, renovation, or replacement, subject to                                 
07 any conditions prescribed in the ordinance; or                                                                          
08   (3)  located in a deteriorating or deteriorated area with boundaries that                                            
09 have been determined by the municipality.                                                                               
10    * Sec. 2.  This Act takes effect July 1, 1998.