AK SB57

Increases the municipal property tax exemption for eligible seniors and disabled veterans from $150,000 to $200,000 of assessed value if the commissioner determines sufficient appropriations exist by September 1 of the previous tax year.

Maintains exemption eligibility for residents aged 65 or older, disabled veterans, and widows or widowers aged 60+ of qualified persons.

Allows municipalities to grant exemptions to widows or widowers under age 60 of disabled veterans by ordinance approved by voters.

Requires the state to reimburse municipalities for property tax revenue lost through these exemptions, with pro rata distribution if appropriations are insufficient.

Takes effect July 1, 2011.