00CS FOR HOUSE BILL NO. 76(CRA)                                                                                         
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  any  [ONLY]                                
14 part of the property is transferred, all tax payments [ATTRIBUTABLE TO THAT                                             

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