The bill proposes amendments to property tax laws in Kansas, specifically targeting the ad valorem tax imposed by school districts. It aims to decrease the rate of this tax while simultaneously increasing the exemption for residential properties from the statewide school levy. The bill outlines that starting August 15, 2024, the director of the budget, in consultation with the director of property valuation, will certify any changes in the exemption amount and the tax rate. Additionally, it mandates the transfer of certain revenue amounts to the state school district finance fund based on these changes.

Key amendments include raising the residential property tax exemption from $75,000 to $100,000 and adjusting the ad valorem tax rate from 20 mills to 18.5 mills for the 2025-2026 school year, with future rates being determined based on the previous year's revenue. The bill also repeals existing sections of the law that are being amended. Overall, the legislation seeks to provide financial relief to residential property owners while ensuring that school districts continue to receive necessary funding through adjusted tax rates and exemptions.

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