The bill amends K.S.A. 2025 Supp. 72-5142 to decrease the ad valorem tax rate imposed by school districts. Specifically, it establishes a tax rate of 20 mills for the school year 2026-2027, reduces it to 19 mills for the school year 2027-2028, and sets a formula for subsequent years that ensures the tax rate will not fall below 15 mills. The bill also includes a provision that the tax rate for the school year 2028-2029 and beyond will be adjusted based on the previous year's revenue, using the current tax year's total assessed valuation.

Additionally, the bill repeals the existing section of K.S.A. 2025 Supp. 72-5142, which indicates a significant change in the legal framework governing property tax rates for school districts. The proceeds from the tax levied, excluding those for specific redevelopment projects, are to be remitted to the state treasurer and deposited into the state school district finance fund. The act will take effect upon its publication in the statute book.

Statutes affected:
As introduced: 72-5142, 79-1964, 79-1964a, 79-1964b