00                            HOUSE BILL NO. 378                                                                          
01 "An Act relating to municipal property tax assessment and reevaluation; and providing                                   
02 for an effective date."                                                                                                 
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1. AS 29.45.110(a) is amended to read:                                                                   
05 (a)  The assessor shall assess property at its full and true value as of the date a                                 
06 person with an ownership interest in the property conveys that interest to                                          
07 another person [JANUARY 1 OF THE ASSESSMENT YEAR, EXCEPT AS                                                         
08 PROVIDED IN THIS SECTION, AS 29.45.060, AND 29.45.230]. The full and true                                               
09 value is the estimated price that the property would bring in an open market and under                                  
10       the then prevailing market conditions in a sale between a willing seller and a willing                            
11       buyer both conversant with the property and with prevailing general price levels.                                 
12    * Sec. 2. AS 29.45 is amended by adding a new section to read:                                                     
13            Sec. 29.45.155. Reassessment. (a) A municipality may not reassess taxable                                  
14       real or personal property except as provided in this section.                                                     

01 (b)  A municipality may reassess real or personal property on the date that a                                           
02 person with an ownership interest in the property conveys that interest to another                                      
03       person.                                                                                                           
04 (c)  A municipality shall reassess real or personal property if an owner of the                                         
05 property demonstrates that the value of the property has changed since the last                                         
06 assessment or reassessment, the owner requests that the assessor reassess the property,                                 
07 and the property has not been reassessed within the previous two years. A                                               
08       municipality may waive the requirement that two years elapse before a reassessment.                               
09 (d)  A municipality may not adopt or issue a regulation, ordinance, order, or                                           
10 similar policy or take an action that would encourage a property owner to request a                                     
11 reassessment of the owner's property. A municipality may not discriminate against a                                     
12 property owner based on the property owner's decision to request, or not request, a                                     
13       property reassessment.                                                                                            
14    * Sec. 3. AS 29.45.150 and 29.45.230 are repealed.                                                                 
15    * Sec. 4. This Act takes effect immediately under AS 01.10.070(c).