"An Act relating to municipal property tax adjustments for property affected by a disaster."
HB 209 will allow municipalities to provide for a tax reduction for property destroyed, damaged or otherwise reduced in value as a result of a disaster. A municipality can adopt by ordinance criteria for assessment or reassessment of property values.
This legislation broadens the municipalities' authority to define "disaster" to include for example, a fire or flood that occurs within a home. It repeals Section 29.45.230: (e) In this section "disaster" means a major disaster declared by the President of the United States under federal law or a disaster declared by the governor under AS 26.23.010-26.23.110.
Arizona, California, Idaho, Mississippi, Pennsylvania, and South Dakota are states that currently provide pro-ration of taxes for casualty loss. Many other states are currently considering similar legislation.