00                      CS FOR SENATE BILL NO. 4(2d FIN)                                                                  
01 "An Act relating to optional exemptions from municipal property taxes on residential                                    
02 property and limiting an optional exclusion or exemption to the assessed value of                                       
03 $10,000 for a residence in a municipality with a total bonded indebtedness that equals or                               
04 exceeds $15,000 multiplied by the number of residents in the municipality; and                                          
05 providing for an effective date."                                                                                       
06 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
07    * Section 1.  AS 29.45.050(a) is amended to read:                                                                  
08            (a)  A municipality may exclude or exempt or partially exempt residential                                    
09       property from taxation by ordinance ratified by the voters at an election.  An                                
10       exclusion or exemption authorized by this subsection may not be applied with                                  
11       respect to taxes levied in a service area to fund the special services.  An exclusion                         
12       or exemption authorized by this subsection [SECTION] may not exceed the assessed                              
13       value of $10,000 for any one residence in a municipality with a level of total                                

01       bonded indebtedness that equals or exceeds $15,000 multiplied by the number of                                
02       residents in the municipality.  Otherwise, an exclusion or exemption authorized                               
03       by this subsection may not, for any one residence, exceed the greater of the                                  
04       following amounts:                                                                                            
05                 (1)  the assessed value of $15,000 or 20 percent of the assessed value                              
06       of the residence, whichever is less; or                                                                       
07                 (2)  the assessed value of $10,000.                                                                 
08    * Sec. 2.  AS 29.45.050 is amended by adding a new subsection to read:                                             
09            (q)  A municipality may by ordinance exempt from taxation an amount not to                                   
10       exceed $5,000 of the assessed value of real property owned and occupied as a                                      
11       permanent place of abode by a resident who provides in the municipality volunteer (1)                             
12       fire fighting services, or (2) emergency medical services.  If two or more individuals                            
13       are eligible for an exemption for the same property, not more than two exemptions                                 
14       may be granted.                                                                                                 
15    * Sec. 3.  This Act takes effect January 1, 2003.