ITEM TITLE:
#24-03 - Amending Chapter 3.12 Section 3.12.040 of the Valdez Municipal Code Titled Additional Exemptions. Second Reading. Adoption.
SUBMITTED BY: Sheri Pierce, MMC, City Clerk/Jordan Nelson, Finance Director
FISCAL NOTES:
Expenditure Required: N/A
Unencumbered Balance: N/A
Funding Source: N/A
RECOMMENDATION:
Approve Ordinance #24-03.
SUMMARY STATEMENT:
• Pursuant to Sec. 29.45.050(a) the maximum Primary Home Exemption for any one residence cannot exceed $75,000. However, a municipality has the option to annually adjust this voter-authorized exemption.
• The annual adjustment is based on the increase, if any, in the annual average cost of living. This adjustment is calculated by the State Assessor using the United States Department of Labor Consumer Price Index specifically for Urban Alaska (Alaska CPI-U).
• The State Assessor calculated Alaska CPI-U at 1.540%, therefore, the exemption may be adjusted to $76,155.