11 AAC 58.410. Rental

(a) Annual rentals in amounts up to and including $500 must be paid on an annual basis. Annual rentals in amounts above $500 must be paid either annually or in quarterly installments, at the discretion of the lessee. All rentals must be paid in advance.

(b) Minimum lease rental will be determined in accordance with AS 38.05.840 , except that the department will charge no less than $500 in minimum annual rent or compensation for a lease that authorizes private recreational or residential use, or authorizes grazing at a stocking rate of fewer than 50 animal units, and no less than $1,000 in minimum annual rent or compensation for a lease that authorizes any other use. A full appraisal will not be done if, based on a preliminary appraisal by a department employee who is qualified to determine the value of land under AS 38.05.840 , the department finds that the minimum annual rent required by this subsection exceeds the amount likely to be determined by a full appraisal. This subsection applies only to issuance or renewal after December 31, 2002 of a lease under AS 38.05.070 - 38.05.080 or AS 38.05.095 , a lease under AS 38.05.810 except as provided in this subsection, or a millsite lease under AS 38.05.255 . This subsection does not apply to a shore fishery lease under AS 38.05.082 , an aquatic farmsite lease under AS 38.05.083 , or a public and charitable use lease under AS 38.05.810 for less than the appraised value.

History: Eff. 7/1/60, Register 1; am 8/15/64, Register 17; am 3/20/66, Register 22; am 8/6/94, Register 131; am 2/8/2001, Register 157; am 12/7/2002, Register 164

Authority: AS 38.05.020

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