An Act relating to assessment of property, boards of equalization, and certification of assessors; and providing for an effective date.

HB 347 updates Alaska's property tax laws by expanding exemptions for senior citizens, disabled veterans, and widows, increasing the tax-free threshold for primary residences to $250,000. The bill also allows municipalities to adjust voter-authorized residential exemptions for inflation and grants local governments more flexibility to offer tax exemptions or payment deferrals for economic development projects. Additionally, the legislation modifies rules regarding land division approvals in certain boroughs and cities, enabling authorities to approve subdivisions that have not previously received formal platting approval.