Kansas HB2621 provides a property tax exemption for real property owned by not-for-profit organizations and used to provide affordable housing.

Kansas HB2621 amends the state's property tax code to exempt real property from taxation if it is owned by a not-for-profit organization exempt from federal income tax and used to provide affordable housing. The bill specifies that the organization must be engaged in providing affordable housing to individuals or families earning less than or equal to 80% of the area median income, transitional housing, or emergency shelter housing. The exemption applies to real property owned by such organizations, provided they meet the criteria of being not-for-profit and exempt from federal income tax.

Kansas HB2621 provides a property tax exemption for real property owned by not-for-profit organizations and used to provide affordable housing.

Kansas HB2621 amends the state's property tax code to exempt real property from taxation if it is owned by a not-for-profit organization exempt from federal income tax and used to provide affordable housing. The bill specifies that the organization must be engaged in providing affordable housing to individuals or families earning less than or equal to 80% of the area median income, transitional housing, or emergency shelter housing. The exemption applies to real property owned by such organizations, provided they meet the criteria of being not-for-profit and exempt from federal income tax.