You asked for summary of bills favorably reported by the Planning and Development Committee to the Finance, Revenue and Bonding Committee.

SB 456 AAC REVALUATION OF PROPERTY BY MUNICIPALITIES

This bill delays when most municipalities will be required to next revaluate real property and requires that subsequent revaluations take place every six, rather than every four years, thereafter. The bill requires that municipalities that have completed a revaluation for the 2004 assessment year to conduct their next revaluation in the 2011 assessment year and every six years thereafter.

The bill also (1) eliminates the requirement that the Office of Policy and Management (OPM) certify appraisal companies, (2) allows a municipality that is unable to implement its revaluation to request an extension from OPM more than six months before the relevant assessment date, (3) makes minor changes in the law that exempts municipalities from the revaluation requirement if changes in property values have been essentially uniform across and within classes of property, and (4) makes other minor changes in the laws governing revaluations.

Effective Date: October 1, 2004 for the delay in the revaluation deadline and the provision on revaluation extensions; July 1, 2004 for the elimination of the revaluation company certification requirement; upon passage and applicable to 2004 and subsequent revaluations for the revaluation exemption provisions.

HB 5471 AAC OPTIONAL MUNICIPAL VETERANS' PROPERTY TAX EXEMPTION

This bill allows municipalities to set the maximum income that a veteran or his spouse can have and qualify for the optional veteran’s property tax exemption. Under current law, the maximum is $ 25,000 above the level used to determine whether the veteran or spouse qualifies for the additional mandatory exemption (currently $ 26,500 for an unmarried veteran or a surviving spouse and $ 32,300 for a married veteran).

Effective Date: July 1, 2004 and applicable to assessment years starting on or after October 1, 2004.

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