The bill amends K.S.A. 2024 Supp. 79-503a to include leased ground owned by a county-recognized community land trust as a factor in determining the fair market value of real property. This change emphasizes that the appraisal process for property taxation must consider various factors, including the restrictions or requirements imposed on real estate, particularly those related to community land trusts. The bill also clarifies that the sale price of properties involved in federal internal revenue code section 1031 exchanges cannot be used as indicators of fair market value or as comparable sales for valuation purposes.

Additionally, the bill removes certain phrases from the existing law, such as "which" and "by way of exclusion," to streamline the language. It also repeals the previous version of K.S.A. 2024 Supp. 79-503a, ensuring that the new provisions take effect immediately upon publication in the statute book. Overall, the bill aims to refine the criteria for property valuation in a way that acknowledges the unique nature of community land trusts and their impact on fair market value assessments.

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