AK SB161

Removes requirement for voter approval before municipalities may exempt farm land and farm structures from taxation through ordinance.

Changes eligibility criterion from deriving at least 10 percent of yearly gross income from farming to selling at least $2,500 of agricultural products and filing IRS Schedule F (Form 1040).

Allows owners or lessees to maintain exemption during years with no sales due to crop failure or physical injury if land qualified for exemption in three preceding tax years.

Expands definition of "farming activity" to include propagating, farming, or cultivating aquatic farm products as defined in statute.

Clarifies farm structures include those used for livestock storage, sheltering, stabling, and milking operations.