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A. If the Borough receives a notice from the state Assessor that major errors have been found in its assessment, valuation or taxation procedures, the Borough shall correct its procedures before the beginning of the next fiscal year or file an appeal under subsection (B) of this section.

B. The Borough may appeal a notice from the state Assessor that it has made a major error in assessment, valuation or taxation procedures by filing an appeal with the commissioner of the state department of community and regional affairs within 30 days after receipt of notice of error.

C. The commissioner, after consulting with the Alaska association of assessing officers, shall render a decision within 60 days after the receipt of a request under subsection (B) of this section. If the commissioner determines that a major error has been made in assessment, valuation or taxation procedures the commissioner shall notify the Borough of changes that must be made and the Borough shall correct its procedures before the beginning of the next fiscal year.

D. If errors in its assessment, valuation or taxation procedures have resulted in a loss of revenue to the state, the Borough shall reimburse the state for the amount of revenues lost. (Ord. 86-080 § 4, 1986. 2004 Code § 3.08.026.)