The bill proposes changes to property tax regulations, specifically targeting the ad valorem tax imposed by school districts. It aims to decrease the tax rate levied by school districts from 20 mills to a lower rate, while simultaneously increasing the exemption for residential properties from the statewide school levy from $75,000 to $100,000. Additionally, the bill mandates that the director of the budget, in consultation with the director of property valuation, certify the changes in tax rates and exemptions annually, starting August 15, 2024. The bill also includes provisions for transferring certain amounts to the state school district finance fund based on the revenue generated from these changes.

Furthermore, the bill amends existing statutes, specifically K.S.A. 2024 Supp. 72-5133a, 72-5142, and 79-201x, to reflect these changes and repeals previous sections that are no longer applicable. The adjustments are designed to provide financial relief to residential property owners while ensuring that school districts can still meet their funding obligations. The act will take effect upon its publication in the statute book.

Statutes affected:
As introduced: 72-5142, 79-1964, 79-1964a, 79-1964b
As Amended by House Committee: 72-5133a, 72-5142, 79-1964, 79-1964a, 79-1964b, 79-201x