Petition Status Find information about active and inactive petitions, including initiative, referendum, and recall petitions. An Act for Property Tax Relief Initiative Id: 98PROP — Sponsor’s Proposed Bill Language Back to your search resultBack to Petitions and Ballot Measures Proposed Bill Relating to Property Tax Relief I. AS 29.45.110(a) is repealed and re-enacted to read: “The assessor shall assess property at its full and true value as of January 1 of the assessment year, providing it is the same as the purchase price at the time of sale, except as provided in this section, AS 29.045.060, and 29.45.230. The full and true value is the price that the property brings in an open market at the time of sale between a willing seller and a willing buyer who are both conversant with the property.” II. Effective Date. This initiative shall be effective when enacted according to law. Summary: A Bill Revising Property Tax Laws This bill changes the way property is assessed for taxes. Property would be assessed at its full and true value as of January 1 with three exceptions. One of these exceptions is new. If the property is sold then the value is the purchase price at the time of the sale, and remains at that value unless sold again. The definition of full and true value is also modified. This would be defined as the price the property brings in an open market at the time of sale between a willing seller and buyer who are familiar with the property. Should this initiative become law?