House Concurrent Resolution No. 5024 proposes an amendment to Section 1 of Article 11 of the Kansas Constitution, specifically addressing property taxation for residential real estate. If approved, the amendment would establish that the taxable valuation of real property used for residential purposes—including multi-family residences and properties accommodating mobile or manufactured homes—will be determined based on the sales price at the time of ownership transfer, provided the sale reflects fair market value. This change is set to take effect on January 1, 2027, and aims to create a more equitable taxation system for residential properties.

The resolution outlines the classification of property for tax assessment purposes, detailing various subclasses and their respective assessment percentages. It also includes an explanatory statement that will be printed on the ballot, clarifying the implications of the proposed amendment for voters. A vote in favor would implement the new valuation method, while a vote against it would maintain the current constitutional provisions regarding property taxation in Kansas. The resolution requires approval from two-thirds of both the House of Representatives and the Senate before being submitted to voters in the general election of November 2026, unless a special election is called sooner.