AK SB50

Amends property tax assessment rules for oil and gas exploration and production facilities to clarify that open market valuation standards apply to exploration property.

Establishes two-tiered valuation for production property: actual cost at construction commencement, then replacement cost less depreciation based on proven reserves' economic life for subsequent January 1 assessments, capped at open market value.

Creates special valuation rule for Cook Inlet sedimentary basin properties that change ownership in arm's length transactions (excluding liquidation bankruptcies), setting the assessed value at purchase price adjusted for depreciation in the first assessment year.

Defines "proven reserves" by reference to federal regulations (17 C.F.R. 210.4-10 as of January 1, 2022) and "Cook Inlet sedimentary basin" by reference to existing Alaska statute.

Takes effect January 1, 2024.