This bill amends existing laws regarding municipal assessments of farm or agricultural land in Alaska. It requires owners of farm use land to apply to the local assessor by May 15 each year, providing specific information including details from the Internal Revenue Service Schedule F (Form 1040) if applicable. The bill stipulates that if the land is leased for farming, a copy of the lease must be submitted with the application. Additionally, it clarifies that the exemption does not apply to land with outstanding leases or options to buy surface rights, and introduces a declaration of intent for property owners without a history of farm-related income.

The bill also revises the definition of "farm use" to include the production of livestock and explicitly excludes marijuana production. It modifies the requirements for S corporations, allowing them to bypass certain certifications while still needing to file the necessary information with the assessor. The changes aim to streamline the assessment process and clarify the criteria for farm use classification, with the act taking effect immediately upon passage.

Statutes affected:
HB0323A, AM HB 323, introduced 02/23/2026: 29.45.060