This 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 lower of either the fair market value or an average of fair market values over several years. The bill outlines a phased approach for calculating the average fair market value, starting with the fair market value for tax year 2026 and gradually incorporating values from previous years up to six years back.

Additionally, the bill amends K.S.A. 79-1439 to specify that real property used for residential purposes, including multi-family and mobile homes, will be assessed at 11.5% of the tax use value, while commercial and industrial properties will be assessed at 25%. It also includes provisions for the assessment of personal property, such as mobile homes, which will also be valued at the tax use value and assessed at 11.5%. The existing section of K.S.A. 79-1439 is repealed, and the new provisions will take effect upon publication in the statute book.

Statutes affected:
As introduced: 79-1439