The bill amends K.S.A. 2024 Supp. 79-503a to establish new criteria for determining the fair market value of residential real property for taxation purposes. It specifies that when using comparable sales to assess fair market value, such sales must occur within the same subdivision or township, or the closest-located subdivision or township to the property in question. Additionally, the bill clarifies that the sale price of properties involved in federal internal revenue code section 1031 exchanges cannot be considered as indicators of fair market value or used as comparable sales for valuation purposes.

Furthermore, the bill repeals the existing section of K.S.A. 2024 Supp. 79-503a, thereby removing any previous language that may conflict with the new provisions. The appraisal process for real and tangible personal property must adhere to generally accepted appraisal standards consistent with the definition of fair market value, unless specified otherwise by law. The act will take effect upon its publication in the statute book.

Statutes affected:
As introduced: 79-503a, 79-1485