AK HB16

Increases the municipal property tax exemption for primary residences from $150,000 to $250,000 of assessed value for residents 65 years or older, disabled veterans, and surviving spouses (age 60+) of qualifying persons.

Allows municipalities to provide exemptions beyond $250,000 of assessed value in cases of hardship, subject to department regulations.

Permits municipalities to exempt property values exceeding $250,000 by ordinance with voter approval for the same categories of eligible residents.

Prevents exemptions if an assessor determines the property was conveyed primarily to obtain the exemption, with appeal rights under specified statutes.

Takes effect January 1, 2010.