INITIATIVE PETITION BILL LANGUAGE
by Petition Sponsors
Petition ID: 01PRTX
An Initiative Providing for Local Control
of Property Assessment and Taxation
Section I. Municipal Property Assessment and Taxation
AS 29.45.110 (a) is repealed and reenacted to read as (a)-(d) as follows:
(a) The assessor shall assess property at its full and true value as of January 1 of each
assessment year, except as provided in this section and any other provisions of federal, state,
or local laws or regulations which require or authorize the assessment to be at a lower value.
The full and true value is defined as the price that the property would bring in an open market
at that time in a sale between a willing seller and a willing buyer both conversant with the
property and with prevailing general price levels.
(b) A municipality may classify, based on use, both real and personal property within its taxing
authority for the purpose of assessment and taxation, and may create rates of taxation,
assessment standards, or exemptions or partial exemptions from taxation, which differ between
the classes of property.
(c) A municipality may provide limits on assessment and taxation of all property or any class or
classes of property within its taxing authority.
(d) The power to classify property based on use, and the power to limit assessment and taxation,
may be exercised by ordinance by the governing body of the municipality or by the voters of the
municipality through initiative or referendum.
Section 2. Redesignation of Existing Sections
The subsections of AS 29.45.110 presently designated (b), (c), and (d) are redesignated (e), (f)
Section 3. Severability
The provisions of this Act are independent and severable, and if any provision of this Act, or
the applicability of any provision to any person or circumstance, shall be held to be invalid by
a court of competent jurisdiction, the remainder of this Act shall not be affected and shall be
given effect to the fullest extent practicable.
Section 4. Effective Date
This Act takes effect January 1, 2002.