HB 347 Summary

• Increases homeowner property tax exemption for seniors (65+), disabled veterans, and qualifying widows/widowers from $150,000 to $250,000 of assessed value.

• Raises voter-authorized residential property tax exemption cap from $75,000 to $150,000, with annual adjustments based on cost of living increases.

• Requires municipalities to employ assessors with level 3 or higher certification from the Alaska Association of Assessing Officers, or working under supervision of a certified assessor.

• Allows platting authority to approve land divisions that have not previously received platting approval, and permits recorder to accept such divisions for filing and recording.

• Modifies board of equalization procedures to require appointment of one or more boards, allows boards to be composed of governing body members or residents, and prevents assessment increases in current year unless requested by appellant.

• Most provisions take effect January 1, 2026, with platting and recording changes effective January 1, 2027.