(a) Pursuant to AS 29.45.230, the assembly hereby provides for assessment or reassessment and reduction of taxes for property destroyed, damaged, or otherwise reduced in value as a result of a disaster.

(b) An assessment or reassessment may be made by the assessor under this section only upon the receipt of a sworn statement of the taxpayer that losses in value exceed $5,000. A reduction of taxes may be made only on losses in value in excess of $5,000 for the remainder of the year following the disaster. On reassessment, the borough shall recompute this tax and refund borough taxes that have already been paid. If the property is in a city which has adopted substantially the same provisions, the city taxes may be recomputed and taxes already paid, but not due, may also be refunded.

(c) The borough shall give notice of assessment or reassessment under this section and shall hold an equalization hearing as provided in this chapter, except that a notice of appeal must be filed with the board of equalization within 10 days after notice of assessment or reassessment is given to the person appealing. Otherwise, the right of appeal ceases unless the board finds that the taxpayer is unable to comply.

(d) In this section, “disaster” means a major disaster declared by the President of the United States under the provisions of the Federal Disaster Act of 1950, Title 42 U.S.C., 1855 to 1855g, or other federal law; a disaster declared by the Governor under AS 26.23.010 through 26.23.110 or a catastrophic uninsured loss due to accidental or natural occurrences including but not limited to fire, collapse, earth movement, plane crash, flood, or the like. [Ord. No. 1423, §1, 2-5-07; Ord. No. 558, §23, 2-18-86. Code 1974 §45.11.115.]