AK SB259

Authorizes Alaska municipalities to adopt ordinances limiting annual increases in assessed property values by a percentage of their choosing, with a minimum cap of 5%

Limits eligibility to owner-occupied primary residences where the resident lives on the property for 185 or more days per calendar year

Requires reassessment to full market value when property ownership is transferred or improvements are made to the property

Amends AS 29.45.110 to grant this optional authority to local governments; adoption is at each municipality's discretion