(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
Terms Used In Alaska Statutes 29.45.051
municipality: means a political subdivision incorporated under the laws of the state that is a home rule or general law city, a home rule or general law borough, or a unified municipality. See Alaska Statutes 01.10.060
(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.
