HB 10 Summary: Municipal Tax Exemptions

• Exempts property of private nonprofit colleges and universities accredited by regional or national accrediting agencies from municipal property taxes, except for private leasehold interests which remain taxable to the extent held.

• Limits taxation of nonexclusive use agreements between the Alaska Industrial Development and Export Authority and users of integrated transportation and port facilities placed in service before January 1, 1999 to lodging improvements only.

• Allows municipalities to adopt optional ordinances granting tax exemptions up to $150,000 of assessed value for residential properties of law enforcement officers in designated high-crime or federally-assisted areas.

• Clarifies that widows or widowers of disabled veterans or persons 65 and older may qualify for residential property tax exemptions up to $150,000 of assessed value if they are at least 60 years old.

• Establishes staggered effective dates: Sections 1 and 6 effective immediately; Section 2 effective November 30, 2012; Section 3 effective December 31, 2035; with retroactive application to November 30, 2009.