The bill amends K.S.A. 79-1437d to modify the real estate sales validation questionnaire by excluding certain costs from the sale price of property for property valuation purposes. Specifically, it introduces the exclusion of third-party intermediary premiums, charges, commissions, or fees charged to a buyer from the sale price, which was previously applicable only to properties purchased at auction. This change aims to clarify what constitutes the sale price for the purposes of the questionnaire and property valuation, ensuring that these additional costs do not affect the assessment of property taxes. Additionally, the bill removes outdated language regarding auction premiums and the process for modifying the questionnaire. It eliminates the requirement for the questionnaire to adhere to previous versions approved by the legislature and allows the director of property valuation to implement changes without legislative approval if no action is taken within 60 days. The bill also repeals the existing section of K.S.A. 79-1437d, streamlining the process and updating the legal framework governing real estate sales validation in Kansas.

Statutes affected:
As introduced: 79-1437d
As Amended by Senate Committee: 79-1437d