One of the significant changes introduced in SB242 is the requirement that municipal assessors must possess a level 3 certification from the Alaska Association of Assessing Officers, or work under the supervision of someone holding such certification. This provision is aimed at enhancing the competency and professionalism of property assessment in municipalities, ultimately ensuring fairer and more reliable property valuations that affect local taxation and funding.
Senate Bill 242, introduced by Senator Kiehl, aims to amend the property assessment framework within the State of Alaska. The bill emphasizes the importance of accurate property valuation, setting standards that adhere to guidelines established by the International Association of Assessing Officers. It requires that assessors accurately assess property at its full and true value as of January 1 of the assessment year, thereby aiming to standardize property assessments across the state.
The bill also modifies the composition and functions of boards of equalization which serve to hear appeals regarding property assessment determinations. By shifting how these boards are appointed and their operational guidelines, the legislation seeks to streamline the appeal process while ensuring local governance retains some control. This could potentially lead to debates over the balance of power between state mandates and municipal discretion in property tax assessments.
Furthermore, SB242 includes a provision for the Department of Commerce, Community, and Economic Development to adopt necessary regulations for its implementation. This ensures that the bill can be operationalized effectively by January 1, 2025. The regulation process will take effect under the Administrative Procedure Act, allowing for adequate time to transition to the new property assessment standards.