3.12.035 Optional exemptions.
A. The assessor may, upon proper application, classify and exempt from taxation:
1. The property of an organization not organized for business or profit-making purposes and used exclusively for community purposes if the income derived from rental of that property does not exceed the actual cost to the owner of the use by the renter;
2. Historic sites, buildings, and monuments;
3. Land of a nonprofit organization used for agricultural purposes if rights to subdivide the land are conveyed to the state of Alaska and the conveyance includes a covenant restricting use of the land to agricultural purposes only.
B. Motor vehicles shall be subject to the Matanuska-Susitna Borough motor vehicle registration tax, pursuant to MSBC 3.15.035(B), levied and collected by the state in accordance with AS 28.10.431. As provided by AS 28.10.431(f), revenue received by the borough shall be allocated to the city.
C. Repealed.
D. All personal property, other than that listed in subsection (B) of this section, shall be exempt from city property taxation as authorized in AS 29.45.050(b)(3), except business inventory in excess of $1,000,000 in value, which shall be subject to ad valorem taxation. (Ord. 13-005 § 3, 2013; Ord. 532 § 3, 1998; Ord. 479 § 3, 1995)