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Measure Details

An Act Increasing the Maximum Residential Property Exemption and Providing for Annual Adjustments

Alaska Ballot Measure - Ballot Measure 1

Election: Aug. 28, 2012 (Primary)
Outcome: Passed

Categories:
Housing and Property
Campaign Finance and Elections
Taxes

Yes
61,804
(50.13%)

No
61,495
(49.87%)

Measure Text

Amendment to Sec. 1.AS 29.45.050(a)

A municipality may exclude or exempt or partially exempt residential property from taxation by ordinance ratified by the voters at an election. An exclusion or exemption authorized by this subsection may be applied with respect to taxes levied in a service area to fund the special services. An exclusion or exemption authorized by this subsection may not exceed the assessed value of $50,000 for any one residence except that a municipality may, by ordinance, annually adjust their voter-authorized exemption by the amount calculated by the State Assessor to reflect the increase, if any, in the annual average cost of living, using the U.S. Department of Labor CPI-U for Anchorage.

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