SB 104 Summary

• Establishes clear statutory procedures for converting manufactured homes permanently affixed to land into real property and for severing them from real property.

• Creates a new "Manufactured Home Property Act" (AS 34.85) defining when manufactured homes become real property, requiring permanent affixation to land, recording of an affixation affidavit, identical ownership interests, and cancellation or confirmation of vehicle titles through the Department of Administration.

• Allows owners to submit applications to cancel manufacturer's certificates of origin or certificates of title for affixed manufactured homes, or to confirm non-application of vehicle title laws when original documents cannot be located.

• Permits municipalities by ordinance to defer municipal property taxes for up to five years on the increase in assessed value from subdividing a single parcel into three or more parcels and related improvements.

• Changes manufactured home classification from personal property to real property for tax purposes when permanently affixed to land under the new law, effective January 1, 2013.