MEMORANDUM

TO: Pete Sprague, Assembly President

Members, Kenai Peninsula Borough Assembly

THRU: Dale Bagley, Mayor

FROM: Shane Horan, Director of Assessing

DATE: January 21, 2003

SUBJECT: Providing for a Systematic Reevaluation of all Taxable Property

Within the Borough

Resolution 2003-008

According to AS 29.45.150 a systematic reevaluation of taxable real and personal property undertaken by the Assessor, whether of specific areas in which real property is located or of specific classes of real or personal property to be assessed, is to be made only in accordance with a resolution directing a systematic reevaluation of all taxable property in the municipality over the shortest period of time practicable.

Resolution 75-6 establishing a three-year reevaluation cycle is no longer practicable and a five-year reevaluation cycle would most efficiently and realistically employ available assessing resources. All taxable personal property within the Borough is evaluated each year on the basis of returns of property made by the owners of the personal property. A systematic reevaluation cycle no longer than 5 years is fair, reasonable and equitable to real property owners.