00HOUSE BILL NO. 76                                                                                                     
01 "An Act relating to an exemption from and deferral of payment on municipal                                              
02 taxes on deteriorated property; and providing for an effective date."                                                   
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                               
04    * Section 1.  AS 29.45.050(o) is amended to read:                                                                  
05  (o)  A municipality may by ordinance partially  or totally  exempt all or some                                      
06 types of deteriorated property from taxation for up to five years  beginning on or any                                 
07 time  after the day substantial rehabilitation, renovation, or replacement of any structure                            
08 on the property begins.  A municipality may by ordinance permit deferral of payment                                     
09 of taxes on all or some types of deteriorated property for up to five years  beginning                                 
10 on or any time  after the day substantial rehabilitation, renovation, or replacement of                                
11 any structure on the property begins.  However, if the ownership of property for which                                  
12 a deferral has been granted is transferred, all tax payments deferred under this                                        
13 subsection are immediately due and the deferral ends, or, if ownership of only part of                                  
14 the property is transferred, all tax payments attributable to that part are immediately                                 

01 due and the deferral attributable to that part ends.  Only one exemption and only one                                   
02 deferral may be granted to the same property under this subsection , and, if an                                        
03 exemption and a deferral are granted to the same property, both may not be in                                           
04 effect during the same time .  In this subsection, "deteriorated property" means real                                  
05 property that is commercial property not used for residential purposes or that is multi-                                
06 unit residential property with at least eight residential units, and that                                               
07   (1)  has been the subject of an order by a government agency requiring                                               
08 the property to be vacated, condemned, or demolished by reason of noncompliance                                         
09 with laws, ordinances, or regulations;                                                                                  
10   (2)  has a structure on it not less than 15 years of age that has                                                    
11 undergone substantial rehabilitation, renovation, or replacement, subject to any                                        
12 conditions prescribed in the ordinance; or                                                                              
13   (3)  is located in a deteriorating or deteriorated area with boundaries that                                         
14 have been determined by the municipality.                                                                               
15    * Sec. 2.  This Act takes effect July 1, 1999.