Laserfiche WebLink
Introduced by: Borough Manager <br /> Requested by: Borough Assessor <br /> 1 Drafted by: Borough Assessor <br /> Introduced: 04/19/2012 <br /> 2 <br /> Amended: 05/03/2012 <br /> 3 Public Hearing: 05/03/2012 <br /> 4 Adopted: 05/03/2012 <br /> 5 KODIAK ISLAND BOROUGH <br /> 6 ORDINANCE NO. FY2012 -20 <br /> 7 <br /> 8 AN ORDINANCE OF THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH <br /> 9 AMENDING TITLE 3 REVENUE AND FINANCE, CHAPTER 3.35 REAL PROPERTY <br /> 10 TAX BY ADDING SECTION 3.35.085 METHOD OF DETERMINING <br /> 11 THE ASSESSED VALUE OF PROPERTY THAT QUALIFIES <br /> 12 FOR A LOW - INCOME HOUSING UNDER 26 USC 42 <br /> 13 <br /> 14 WHEREAS, according to Alaska Statute 29.45.110(d), the Kodiak Island Borough <br /> 15 Assessor is required to value low- income housing tax credit projects existing as of January <br /> 16 1, 2001, the effective date of the legislation, based on the actual income derived from the <br /> 17 property, which can result in a value that is less than the full and true value required by <br /> 18 Alaska Statute 29.45.110(a); and <br /> 19 <br /> 20 WHEREAS, these projects must be qualified and recognized under the United States <br /> 21 Tax Code 26 USC. 42; and <br /> 22 <br /> 23 WHEREAS, AS 29.45.110(d) requires the borough assembly to determine by ordinance <br /> 24 whether the projects that qualify on or after January 1, 2001, shall be assessed based on <br /> 25 the actual income which is from restricted rents versus market rents; and <br /> 26 <br /> 27 WHEREAS, to date there are no low- income housing projects in the Kodiak Island <br /> 28 Borough receiving the benefit of the restricted rent income approach to value; and <br /> 29 <br /> 30 WHEREAS, Fir Terrace Apartments located at 2610 Mill Bay Road, containing sixty (60) <br /> 31 units total has applied for consideration under AS 29.45.110(d)(2); and <br /> 32 <br /> 33 WHEREAS, in accordance with AS 29.45.110(d)(2), the Kodiak Island Borough Assembly <br /> 34 finds that properties that first qualify for the low- income housing tax credit exemption after <br /> 35 January 1, 2001 may be exempt from tho full and truo valuo roquiromont undor AS <br /> 36 29.45.110(a)(d)(1) method of assessment and may be assessed bacod on tho actual <br /> 37 - <br /> 38 income -tax crodit using the full and true value requirement under AS 29.45.110(a) or <br /> 39 may be assessed based on the actual income derived from the property without <br /> 40 adjustment based on the amount of any federal income tax credit. The assembly <br /> 41 shall determine on a parcel by parcel basis whether such property shall be valued at its full <br /> 42 and true value or based on its restricted rents. <br /> 43 <br /> 44 NOW, THEREFORE, BE IT ORDAINED BY THE ASSEMBLY OF THE KODIAK ISLAND <br /> 45 BOROUGH THAT: <br /> 46 <br /> 47 Section 1: This ordinance is of a general and permanent nature and shall become a <br /> 48 part of the Kodiak Island Borough Code of Ordinances; and <br /> Kodiak Island Borough Ordinance No FY2012 -20 <br /> Page 1 of 2 <br />