SB 172 Summary

• Increases the maximum residential property tax exemption from $50,000 to $75,000 in assessed value per residence
• Allows municipalities to annually adjust their voter-authorized exemption amounts based on cost of living increases calculated by the State Assessor
• Uses the United States Department of Labor Consumer Price Index for Urban Alaska to determine annual adjustment amounts
• Changes language to clarify that adjustments apply to "the municipality's" exemption rather than "their" exemption
• Requires voter ratification by ordinance for municipalities to implement exclusions or exemptions