4.45.160 Full and true value.
(a) The assessor shall assess property at its full and true value as of January 1 of the assessment year, except as provided in subsection (b) of this section and KGBC 4.45.110 and 4.45.330. The full and true value is the estimated price which the property would bring in an open market and under the then prevailing market conditions in a sale between a willing seller and a willing buyer, both conversant with the property, and with prevailing general price levels. The assessor shall complete the assessments no later than April 15 of each year.
(b) The provisions of this subsection apply to determine the full and true value of property that qualifies for a low-income housing credit under 26 U.S.C. 42:
(1) When the assessor acts to determine the full and true value of property that qualifies for a low-income housing credit under 26 U.S.C. 42, instead of assessing the property under subsection (a) of this section, the assessor shall base assessment of the value of the property on the actual income derived from the property and may not adjust it based on the amount of any federal income tax credit given for the property; for property the full and true value of which is to be determined under this subsection, to secure an assessment under this subsection, an owner of property that qualifies for the low-income housing credit shall apply to the assessor before May 15 of each year in which the assessment is desired; the property owner shall submit the application on forms prescribed by the assessor and shall include information that may reasonably be required to determine the entitlement of the applicant;
(2) The assembly hereby determines that the full and true value of all property within the municipality that first qualifies for a low-income housing credit under 26 U.S.C. 42 on and after January 1, 2001, but before January 1, 2006, may be assessed under subsection (b)(1) of this section if the assembly determines, by motion or resolution, with respect to a particular parcel, that the property shall be assessed under subsection (b)(1) of this section;
(3) If the assembly determines, under subsection (b)(2) of this section, that a parcel shall be assessed under subsection (b)(1) of this section, the assembly may not change the manner of assessment of the parcel of property if debt relating to the property incurred in conjunction with the property’s qualifying for the low-income housing tax credit remains outstanding. [Ord. No. 1229, §1, 9-3-02; Ord. No. 590, §2, 12-1-86; Ord. No. 558, §13, 2-18-86; Ord. No. 546, §2, 12-2-85; Ord. No. 272, §4, 11-17-77; Ord. No. 2. Code 1974 §45.11.055. Code 1969 §69.05.020.]
State Law Reference – Similar provisions, AS 29.45.110.
Annotation – An assessment made on basis of full value under a taxing ordinance requiring that all taxable property be assessed at its true and full value was not rendered invalid by reason of the assessor’s departure from a policy of allowing a 10 percent deduction in prior years. 1200 “L” St. Corp. v. Anchorage, 390 P2d 436, 1964.