An Act relating to municipal assessments of farm or agricultural land; and providing for an effective date.

HB 323 changes how Alaska landowners qualify for lower property tax assessments on agricultural land. To qualify, owners must apply by May 15 annually and prove at least $2,500 in annual agricultural sales by submitting IRS Schedule F forms or equivalent documentation. The bill defines "farm use" to exclude marijuana production and specifies eligible livestock types like cattle and poultry. This affects landowners seeking agricultural classification, directly impacting their property tax bills for qualifying farm or ranch land.