This bill amends AS 29.45.110 to introduce a new provision that limits the increase in assessed value of real property. Specifically, it states that an assessor cannot raise the assessed value by more than five percent compared to the previous year's assessment unless the increase is justified by improvements made to the property or new information that was not available during the last assessment.

The intent of this legislation is to provide property owners with more predictability regarding their property tax assessments, ensuring that any significant increases are based on tangible changes to the property or relevant new data. This measure aims to protect property owners from sudden and potentially burdensome increases in their property taxes.

Statutes affected:
HB0254A, AM HB 254, introduced 01/16/2026: 29.45.110