Petition Status Find information about active and inactive petitions, including initiative, referendum, and recall petitions. An initiative providing for local control of property assessment and taxation. Initiative Id: 01PRTX — Sponsor’s Proposed Bill Language Back to your search resultBack to Petitions and Ballot Measures INITIATIVE PETITION BILL LANGUAGE by Petition Sponsors Petition ID: 01PRTX An Initiative Providing for Local Control of Property Assessment and Taxation Posted 6/27/01 Proposed Bill: Section I. Municipal Property Assessment and Taxation AS 29.45.110 (a) is repealed and reenacted to read as (a)-(d) as follows: (a) The assessor shall assess property at its full and true value as of January 1 of each assessment year, except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) and (g). 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.