SB 242 - Property Assessment Summary

• Removes the specific market value definition from statute and allows assessors to determine full and true value using either department standards or municipality ordinance standards aligned with International Association of Assessing Officers guidelines.

• Requires municipalities to employ only assessors with Level 3 certification from the Alaska Association of Assessing Officers, or assessors who work under the supervision of a Level 3 certified individual.

• Mandates that governing bodies appoint one or more boards of equalization to hear assessment appeals and explicitly permits the governing body itself to serve as the board of equalization.

• Prohibits boards of equalization from raising assessments in the current year unless the appellant requests an increase, and requires boards to make specific written findings if they reject an appeal supported by a formal fee appraisal.

• Most provisions take effect January 1, 2025; regulations section takes effect immediately.