(A) In accordance with AS 29.45.110(d)(1), the full and true value of all property that first qualifies for low-income housing tax credit under 26 USC 42 before January 1, 2001, shall be based on the actual income derived from the property and may not be adjusted based on the amount of any federal income tax credit for the property.
(B) Pursuant to AS 29.45.110(d)(2), the full and true value of all property within the city that first qualifies for a low-income housing credit under 26 USC 42 on or after January 1, 2001, shall be exempt from the requirement that the value be based on the actual income derived from the property. For property that first qualifies for a low-income housing credit under 26 USC 42 on or after January 1, 2001, the City Council shall determine, by parcel, whether the full and true value of the property shall be assessed as provided in § 6.32.010 or on the basis of actual income derived from the property without adjustment based on the amount of any federal income tax credit given for the property. Once the manner of assessment of the property has been determined under this division, the manner of assessment of that parcel of property may not change if debt relating to the property incurred in conjunction with the property qualifying for the low-income housing tax credit remains outstanding.
(C) To secure an assessment based upon the actual income derived from the property under this section, an owner of the property shall apply to the assessor no later than March 1 of each year in which the assessment is desired. The property owner shall submit an application on forms prescribed by the assessor and shall include information that may reasonably be required by the assessor to determine the entitlement of the applicant to an assessment of the property under this section. Upon the first application received for a parcel and following the assessor's determination of eligibility, the Council shall make the determination of the method for assessing full and true value, as described in division (B) of this section.
(Am. Ord. 2022-03, passed 2-22-22)