Alaska2026Passed Legislature

HB323

Changes to Farm Land Tax Assessment Rules

Last scannedSep 12, 2026, 4:46 AM

In one sentence

This bill updates the rules for how landowners apply for special tax assessments on farm and agricultural land in Alaska.

Requires owners of farm use land to submit an application by May 15 each year to get a special assessment.
Allows property owners with no history of farm income to sign a statement declaring their intent to file IRS Schedule F instead of providing the form immediately, but requires them to file the actual form by April 15 of the following year.
Updates the definition of 'farm use' so it does not include land used for growing marijuana.
Requires S corporations applying for farm assessments to provide information required on a Schedule F (Form 1040) instead of signing an intent statement, with filing due by April 15 of the following year if they have no income history.
States that failing to file required documents or forms by the specified deadlines causes an applicant to lose their tax exemption.

The bill does not apply to land already classified by the state for agricultural use or restricted by the state for agricultural purposes.
The text does not specify how much money this change will save or cost taxpayers.

Plain language

Farm Use Land Assessment: A lower property tax rate given to land used specifically for growing crops, flowers, fruits, or raising livestock.
Schedule F (Form 1040): An Internal Revenue Service form that farmers use to report their income and expenses from farming activities.
S Corporation: A sole proprietorship, partnership, or entity that has elected to file federal returns under specific rules in the U.S. tax code (26 U.S.C. 1361-1379).

Official record

Validated

FARM & AGRICULTURAL LAND ASSESSMENTS An Act relating to municipal assessments of farm or agricultural land; and providing for an effective date.

Official activity