Kansas HB2408 amends property tax valuation to include leased ground owned by community land trusts as a factor in fair market value.

Kansas HB2408 modifies the definition of fair market value for property tax purposes to include leased ground owned by county-recognized community land trusts. This change aims to ensure that the appraisal process considers all relevant factors, including those imposed by state or federal governments and local governing bodies, such as restrictions on properties leased to low-income individuals and families. The bill amends existing statutes to reflect this new consideration in property tax assessments.

Kansas HB2408 amends property tax valuation to include leased ground owned by community land trusts as a factor in fair market value.

Kansas HB2408 modifies the definition of fair market value for property tax purposes to include leased ground owned by county-recognized community land trusts. This change aims to ensure that the appraisal process considers all relevant factors, including those imposed by state or federal governments and local governing bodies, such as restrictions on properties leased to low-income individuals and families. The bill amends existing statutes to reflect this new consideration in property tax assessments.