00                            HOUSE BILL NO. 455                                                                          
01 "An Act relating to the assessment of farm or agricultural land for purposes of                                         
02 municipal taxation; and providing for an effective date."                                                               
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1.  AS 29.45.060(b) is amended to read:                                                                  
05            (b)  An owner of farm use land shall, to secure the assessment under this                                    
06       section, apply to the assessor before May 15 of each year in which the assessment is                              
07       desired.  The application shall be made upon forms prescribed by the state assessor for                           
08       the use of the local assessor, and must [SHALL] include information that may                                  
09       reasonably be required to determine the entitlement of the applicant.  If the land is                             
10       leased for farm use purposes, the applicant shall furnish to the assessor a copy of the                           
11       lease bearing the signatures of both lessee and lessor along with the completed                                   
12       application.  The applicant shall furnish the assessor a copy of the lease covering the                           
13       period for which the exemption is requested.  This subsection does not apply to a                             
14       person with an interest in land that is classified by the state for agricultural use                          

01       or that is restricted by the state for agricultural purposes.                                                 
02    * Sec. 2.  AS 29.45.060 is amended by adding a new subsection to read:                                             
03            (f)  All land that is classified by the state for agricultural use or that is                                
04       restricted by the state for agricultural purposes shall be assessed on the basis of full                          
05       and true value for farm use in accordance with this section.                                                      
06    * Sec. 3.  This Act takes effect January 1, 2003.