Increases the property tax exemption for residential property from $75,000 to $125,000.
Kansas HB2631 amends the state's property tax laws to increase the exemption from the statewide school levy for residential property. Effective from taxable year 2027, the bill raises the exemption limit from $75,000 to $125,000 of the property's appraised valuation. This change aims to provide greater tax relief for homeowners by reducing the taxable value of their residential properties. The bill repeals the existing section of the statute and will take effect on January 1, 2027.
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