Alaska Stat. § 29.45.051 – Tax deferral for certain subdivided property

(a) A municipality may by ordinance permit deferral of payment of taxes on all or a portion of the increase in assessed value directly attributable to
1. (1) the subdivision of a single parcel of property into three or more parcels; and
2. (2) any improvements made to the property necessitated by its subdivision.
(b) A deferral from taxation allowed under (a) of this section shall be limited to a maximum period of five years. A municipality may by ordinance provide for the deferral of payment of taxes permitted under (a) of this section to be of a shorter duration.
(c) Subject to (b) of this section, a municipality may also by ordinance provide that
1. (1) the deferral is terminated when
  1. (A) a lot in the subdivision is sold; or
  2. (B) a residential or commercial building is built on a lot in the subdivision; or
2. (2) the deferral continues for the unsold lots in the subdivision after
  1. (A) a lot in the subdivision is sold; or
  2. (B) a residential or commercial building is constructed on a lot in the subdivision.