Kansas HB2079 mandates that comparable residential sales for property valuation occur within the same subdivision or township.
Kansas HB2079 amends the definition of "fair market value" for real property, specifying that comparable sales must occur within the same subdivision or township. This bill aims to ensure that property valuations for tax purposes reflect local market conditions by using sales data from the same or closest-located subdivision or township. The bill also outlines factors to consider in determining fair market value, such as property classification, location, and depreciation. It amends existing statutes and repeals the previous section to implement these changes.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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