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(a) On or before January 15 of each year, the department will determine and report the average per capita assessed full and true value of property in the state to each municipality that imposes a tax under AS 29.45.080 . The department will base its determination on the average per capita assessed full and true value of property in the state for the previous calendar year as determined by the Department of Commerce, Community, and Economic Development.
(b) When a municipality uses the method of taxation provided under AS 29.45.080 (c) and the total assessed value of property within the municipality, per capita, exceeds 225 percent of the average per capita assessed full and true value of property in the state, the municipality shall reduce the value of all state assessed AS 43.56 oil and gas property and all locally assessed property within the municipality in equal proportion.
(c) The 225-percent limitation on taxation of property established by AS 29.45.080 (c) applies to taxes levied for a municipality's operating budget. The limitation does not apply to taxes levied for repayment of the municipality's bonded debt.
(d) A municipality shall apply an equal proportionate reduction of the value of all state assessed AS 43.56 oil and gas property within the municipality and all locally assessed property within the municipality by determining the maximum effective tax rate allowed under the 225-percent limitation and then levying a millage rate that is no greater than the calculated maximum effective tax rate on all taxable property within the municipality. The maximum effective rate is calculated using the following formula:
((Statewide average per capita full value) X (225%) X (Population of the municipality) X (30 mills) + (Budget of the municipality for debt service)) / ((Total value of state assessed AS 43.56 property within the municipality) + (Total value of locally assessed property within the municipality)) = Maximum Effective Tax Rate.
History: Eff. 3/1/75, Register 53; am 1/1/2003, Register 164
Authority: AS 43.05.080
Editor's note: As of Register 171 (October 2004), the regulations attorney made technical revisions under AS\n 44.62.125(b)(6) to reflect the name change of the Department of Community and Economic Development to the Department of Commerce, Community, and Economic Development made by ch. 47, SLA 2004 and the corresponding title change of the commissioner of community and economic development.
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Last modified 7/05/2006