§ 5.12.090. Method of determining the full and true value of contaminated property.

A.

The assessor shall apply any lawful, reasonable and recognized appraisal approach in the determination of the full and true value of contaminated property in accordance with this section.

B.

Unless otherwise required by law, the assessor may not consider property contaminated unless the assessor receives either a Phase II Report or a report determined to be substantially equivalent by the assessor that:

1.

Identifies the contaminants and the concentration levels of each contaminant;

2.

Defines the vertical and horizontal areas of contamination through analysis of soil, water or air samples; and

3.

Includes the estimated costs to cure or control the contamination, which costs may consist of expenses for environmental audits, surety bonds, insurance, monitoring costs, legal fees, engineering costs and other relevant costs. All costs must be directly related to the cleanup or containment of the hazardous substance.

C.

In this section, unless the context otherwise requires:

1.

"Contaminated property" means all or a portion of a parcel of real property that on January 1 of the assessment year is either:

a.

On the National Priority List of the Environmental Protection Agency and supported by either a Phase II report or a report determined to be substantially equivalent by the assessor;

b.

Included in the State of Alaska, Department of Environmental Conservation Contaminated Sites Data Base (Contaminated Site List) and supported by either a Phase II Report or a report determined to be substantially equivalent by the assessor; or

c.

A property not on either of the above lists but proven to be contaminated through the submission of either a Phase II Report or a report determined to be substantially equivalent by the assessor, containing reliable and valid data sufficient to permit independent scientific verification of the conclusions reached. The data may include such information as engineering studies, environmental audits, laboratory reports and other valid scientific data.

Real property on which hazardous substances may legally be stored, disposed of or released is not considered to be contaminated for purposes of reducing an assessment.

2.

"Cost to cure or contain" means the estimated after-tax cost of the remaining remedial work specific to the subject property to remove, contain or treat the hazardous substance or oil. Cost to cure may include the cost of environmental audits, surety bonds, insurance, monitoring costs and engineering and legal fees. The costs must be directly related to the cleanup or containment of a hazardous substance or oil.

3.

"Hazardous substance" has the meaning ascribed in AS 46.08.900(6), as now enacted or as may be hereinafter amended.

4.

"Phase II Report" means an Environmental Assessments Phase II Report that verifies contamination and delineates the area and concentration of contaminants through analysis of soil, air or water samples and includes the cost to cure or contain the contamination.

(Ord. No. 2009-36, § 1, 8-4-09; Ord. No. 98-53, § 1, 10-13-98)