The bill proposes an amendment to AS 29.45.110, allowing municipalities in Alaska to enact an ordinance that limits the increase in assessed value of residential properties occupied as a permanent place of abode by residents. Specifically, the ordinance can prohibit the assessor from raising the assessed value by more than a specified percentage, which cannot be less than five percent compared to the previous year's assessed value. Additionally, the ordinance must stipulate that the property is occupied for at least 185 days within a calendar year.

Furthermore, the bill outlines that the ordinance may include additional requirements for administration and enforcement. It also allows for exceptions where the assessor can increase the assessed value if the property undergoes improvements or if there is a transfer of ownership, in which case the assessed value can reflect the estimated market price under current conditions.

Statutes affected:
SB0259A, AM SB 259, introduced 02/23/2026: 29.45.110