SB 4: "An Act relating to a mandatory exemption from municipal property taxes for certain residences and to an optional exemption from municipal taxes for residential property; and providing for an effective date."
00 SENATE BILL NO. 4 01 "An Act relating to a mandatory exemption from municipal property taxes for certain 02 residences and to an optional exemption from municipal taxes for residential property; 03 and providing for an effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 29.45.030(e) is amended to read: 06 (e) The real property owned and occupied as the primary residence and 07 permanent place of abode by a (1) resident 65 years of age or older; (2) disabled 08 veteran; or (3) resident at least 60 years old who is the widow or widower of a person 09 who qualified for an exemption under (1) or (2) of this subsection [,] is exempt from 10 taxation on the first $150,000 of the assessed value of the real property. A 11 municipality may, in case of hardship, provide for exemption beyond the first 12 $150,000 of assessed value in accordance with regulations of the department. Only 13 one exemption may be granted for the same property and, if two or more persons are 14 eligible for an exemption for the same property, the parties shall decide between or
01 among themselves who is to receive the benefit of the exemption. Real property may 02 not be exempted under this subsection if the assessor determines, after notice and 03 hearing to the parties, that the property was conveyed to the applicant primarily for the 04 purpose of obtaining the exemption. The determination of the assessor may be 05 appealed under AS 44.62.560 - 44.62.570. If property is transferred during the 06 year for which an exemption has been granted under this subsection to a person 07 who does not qualify for the exemption, the exemption ceases on the date of the 08 transfer. The municipality shall calculate a pro rata share of the amount of taxes 09 that would have been levied for the year on the property had it not been granted 10 an exemption under this subsection and shall notify the new owner of the 11 additional amount of taxes. Payment of the additional amount of taxes is due 60 12 days after the notice is provided to the new owner. 13 * Sec. 2. AS 29.45.050(a) is amended to read: 14 (a) A municipality may exclude or exempt or partially exempt residential 15 property from taxation by ordinance ratified by the voters at an election. An exclusion 16 or exemption authorized by this subsection [SECTION] may not exceed the assessed 17 value of $50,000 [$10,000] for any one residence. 18 * Sec. 3. This Act takes effect January 1, 2002.