AK HB264

Excludes property owned by the Alaska Industrial Development and Export Authority that is exempt from city or borough tax from the calculation of required local contributions for public school funding.

Allows municipalities to defer municipal property taxes on increases in assessed value from subdivision of a single parcel into three or more parcels and improvements necessitated by subdivision, for a maximum of five years.

Permits municipalities to establish by ordinance when tax deferral terminates, either when a lot is sold or a building is constructed, or to continue the deferral for unsold lots.

Allows municipalities to levy and collect taxes on the full and true value of taxable oil and gas production and pipeline property as valued by the Department of Revenue, repealing previous methods that restricted taxation options.

Takes effect July 1, 2012.