Bill > SB259

This bill allows municipalities in Alaska to adopt ordinances that limit how much the assessed value of a resident's permanent home can increase each year, preventing drastic property tax hikes. Specifically, a municipality can choose to cap annual increases to a percentage between 3% and 10% of the previous year's assessed value, even if the property's actual market value (its "full and true value") has risen more. This means that for tax purposes, the property's value will be considered the capped amount, not its higher market value. However, this cap does not apply if the property is improved or if ownership changes, in which case the assessor can still increase the value to reflect its market price. Additionally, the assessor must re-evaluate the property's full market value at least every 10 years. The state will not penalize municipalities for enacting such ordinances, which can also include other administrative rules.

Budget and Finance, Government Affairs

https://www.akleg.gov/basis/Bill/Detail/34?Root=SB259