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 properties and mobile home communities, will be assessed at 11.5% of the tax use value. It also sets the assessment rate for commercial and industrial properties at 25% of the tax use value. The bill repeals the existing section of K.S.A. 79-1439, streamlining the property classification and assessment process. Overall, the legislation aims to create a more equitable and consistent framework for property taxation in Kansas.

Statutes affected:
As Introduced: 79-1439
As introduced: 79-1439