HB 378 Summary

• Changes property tax assessment timing from January 1 of the assessment year to the date when a person conveys their ownership interest in the property to another person.

• Creates new restrictions on municipal reassessments: municipalities may only reassess property upon conveyance of ownership or when an owner requests reassessment after demonstrating value change and two years have elapsed since the last assessment.

• Prohibits municipalities from adopting policies or taking actions that encourage property owners to request reassessments and forbids discrimination against owners based on whether they request reassessment.

• Repeals AS 29.45.150 and 29.45.230 related to property assessment procedures.

• Takes effect immediately upon enactment.