Budget & Taxes (Property Tax)

HB 254 limits annual increases in property tax assessments to 5% unless based on a new improvement to the property or previously unknown information. This directly affects property owners in Alaska, as it restricts how much their assessed value (and thus tax bills) can rise each year. The bill amends existing law to add this cap, meaning assessors cannot raise values beyond 5% without meeting the specific exceptions. Previously, there was no such annual limit on assessment increases.