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 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 calculated over several years. The bill outlines a phased approach for determining the average fair market value over a period of up to six years, depending on the property's valuation history.

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%. The bill also 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