This 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. The definition of "fair market value" is clarified to indicate that it is the amount a well-informed buyer is justified in paying and a well-informed seller is justified in accepting in an open market. The bill also specifies that the assessment-sales ratio study cannot be used as an appraisal for valuation purposes and that the sale price in a federal internal revenue code section 1031 exchange shall not be considered an indicator of fair market value.

Additionally, the bill removes certain phrases from the existing law, such as "which" and "by way of exclusion," and repeals the previous version of K.S.A. 2024 Supp. 79-503a. The changes aim to enhance the appraisal process for property taxation by ensuring that various factors, including those related to community land trusts, are taken into account when determining property values for ad valorem tax purposes. The act will take effect upon publication in the statute book.

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