"An Act relating to optional exemptions from municipal property taxes on residential property."

This bill has two provisions. One is to give municipalities an option to provide an exemption up to $50,000 on residential property taxes. This can only be done by ordinance with a vote of the people. It does not affect taxes levied in a service area.

Under current law, municipalities may exempt up to $10,000 of the assessed value of any single residential property. Five municipalities offer this exemption, Bristol Bay Borough, Kenai Peninsula Borough, Fairbanks North Star Borough, North Slope Borough, and the City of Valdez.

The second provision is to increase the tax exemption on real property from $10,000 to $20,000 for a volunteer fire fighter or Emergency medical services worker.

Last Updated: 04/10/2003

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