The bill amends property taxation laws in Kansas, specifically focusing on the valuation of residential real property, commercial and industrial properties, and mobile homes used for residential purposes. It establishes a new method for determining the tax use value of these properties, which will be based on the fair market value as defined in K.S.A. 79-501. The county clerk will be responsible for determining the tax use value, which will be the lower of the fair market value or an average of fair market values over several years, starting with the fair market value for tax year 2026. The bill outlines a detailed process for calculating the average fair market value over multiple years, ensuring that property values are assessed fairly and consistently.

Additionally, the bill amends K.S.A. 79-1439 to clarify the assessment percentages for various classes of property. It specifies that residential properties, including mobile homes, will be assessed at 11.5% of their tax use value, while commercial and industrial properties will be assessed at 25%. The bill also repeals the existing section of K.S.A. 79-1439, streamlining the legal framework for property taxation. Overall, the legislation aims to create a more equitable property tax system by refining the valuation process and ensuring consistent assessment practices across different property types.

Statutes affected:
As introduced: 79-1439