This bill proposes amendments to property tax laws in Kansas, 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 18.5 mills for the 2025-2026 school year and establishes a mechanism for future adjustments based on assessed valuations. Additionally, the bill increases the exemption for residential property from the statewide school levy from $75,000 to $100,000, thereby providing greater tax relief to homeowners. The bill also mandates the transfer of certain funds to the state school district finance fund based on the revenue impacts of these changes.

The bill amends K.S.A. 2024 Supp. 72-5133a, 72-5142, and 79-201x, while repealing existing sections of these statutes. It requires the director of the budget to certify the financial implications of the increased exemption and decreased tax rate, ensuring that the state school district finance fund receives the necessary adjustments. The changes are set to take effect following their publication in the statute book, reflecting a significant shift in the state's approach to funding education through property taxes.

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