CSSB 4(CRA): "An Act relating to a mandatory exemption from municipal property taxes for certain residences; and providing for an effective date."

00 CS FOR SENATE BILL NO. 4(CRA) 01 "An Act relating to a mandatory exemption from municipal property taxes for certain 02 residences; and providing for an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 29.45.030(e) is amended to read: 05 (e) The real property owned and occupied as the primary residence and 06 permanent place of abode by a (1) resident 65 years of age or older; (2) disabled 07 veteran; or (3) resident at least 60 years old who is the widow or widower of a person 08 who qualified for an exemption under (1) or (2) of this subsection [,] is exempt from 09 taxation on the first $150,000 of the assessed value of the real property. A 10 municipality may, in case of hardship, provide for exemption beyond the first 11 $150,000 of assessed value in accordance with regulations of the department. Only 12 one exemption may be granted for the same property and, if two or more persons are 13 eligible for an exemption for the same property, the parties shall decide between or 14 among themselves who is to receive the benefit of the exemption. Real property may

01 not be exempted under this subsection if the assessor determines, after notice and 02 hearing to the parties, that the property was conveyed to the applicant primarily for the 03 purpose of obtaining the exemption. The determination of the assessor may be 04 appealed under AS 44.62.560 - 44.62.570. If property is transferred during the 05 year for which an exemption has been granted under this subsection to a person 06 who does not qualify for the exemption, the exemption ceases on the date of the 07 transfer. The municipality shall calculate a pro rata share of the amount of taxes 08 that would have been levied for the year on the property had it not been granted 09 an exemption under this subsection and shall notify the new owner of the 10 additional amount of taxes. Payment of the additional amount of taxes is due 60 11 days after the notice is provided to the new owner. 12 * Sec. 2. This Act takes effect January 1, 2002.