Sec. 29.45.051. Tax deferral for certain subdivided property.

186 words·~1 min read·/ak/title-29/chapter-45/29-45-051

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)A municipality may by ordinance permit deferral of payment of taxes on all or a portion of the increase in assessed value directly attributable to

(1)the subdivision of a single parcel of property into three or more parcels; and

(2)any improvements made to the property necessitated by its subdivision.

(b)A deferral from taxation allowed under

(a)of this section shall be limited to a maximum period of five years. A municipality may by ordinance provide for the deferral of payment of taxes permitted under

(a)of this section to be of a shorter duration.

(c)Subject to

(b)of this section, a municipality may also by ordinance provide that

(1)the deferral is terminated when

(A)a lot in the subdivision is sold; or

(B)a residential or commercial building is built on a lot in the subdivision; or

(2)the deferral continues for the unsold lots in the subdivision after

(A)a lot in the subdivision is sold; or

(B)a residential or commercial building is constructed on a lot in the subdivision.