This bill amends K.S.A. 79-201 to provide a property tax exemption for real property owned by certain not-for-profit organizations that are engaged in providing affordable housing. Specifically, it introduces a new provision that exempts all real property used to provide affordable housing if owned by a not-for-profit organization exempt from federal income taxation under section 501(c)(3) of the Internal Revenue Code. The exemption applies to properties serving individuals or families earning less than or equal to 80% of the area median income, as well as transitional housing or emergency shelter housing.

In addition to this new exemption, the bill also includes various deletions and modifications to existing language in K.S.A. 79-201, clarifying the conditions under which property owned by religious organizations, educational institutions, and other not-for-profit entities may be exempt from property taxes. The bill repeals the existing section of K.S.A. 79-201, consolidating the changes into a revised framework for property tax exemptions related to not-for-profit organizations and their use of real property for charitable purposes. The act will take effect upon publication in the statute book.

Statutes affected:
As introduced: 79-201