Legislator Proposes Increasing Allowable Property Tax Exemption
Legislation to Increase Local Control Over Tax Relief Efforts
(Juneau, January 19, 2010) – Today Senator Bill Wielechowski (D-Anchorage) introduced legislation to allow local governments to increase the allowable municipal property tax exemption from $20,000 to $50,000 for owner-occupied primary residences, and to expand the program to apply to residential rental properties.
“This bill will allow the average Anchorage property tax payer to save more than $450 per year over the current exemption. I believe the state should not stand in the way of local governments who wish to provide property tax relief to their citizens,” said Senator Wielechowski.
Under current state law, municipalities may pass an ordinance exempting up to $20,000 of the assessed value of a residential property from taxation. Under this legislation, any increase in the exemption would be subject to final approval of the voters at public election.Representative Chris Tuck (D-Anchorage) will introduce corresponding legislation in the State House