The bill proposes an amendment to AS 29.45.110, allowing municipalities in Alaska to adopt an ordinance that limits the increase of assessed property values to a percentage determined by the municipality, which must be no less than three percent. This new subsection (f) stipulates that the full and true value of property assessed under such an ordinance will be equal to the assessed value, and municipalities will not face penalties from the state for implementing this ordinance.

Additionally, the ordinance may include provisions for administration and enforcement, and it must allow for increases in assessed value if the property is improved or ownership is transferred. Furthermore, it mandates that the assessed value must be updated every ten years to reflect the estimated market price under prevailing conditions. This amendment aims to provide municipalities with more control over property assessments while ensuring that property values are adjusted appropriately over time.

Statutes affected:
SB0259A, AM SB 259, introduced 02/23/2026: 29.45.110
SB0259B, AM CSSB 259(CRA), introduced 04/13/2026: 29.45.110
SB0259C, AM CSSB 259(L&C), introduced 04/28/2026: 29.45.110