Proposing to amend the Kansas constitution to set residential property tax valuations based on sales price at fair market value.
This bill proposes to amend the Kansas constitution to establish the taxable valuation of residential real property based on the sales price for the year in which the property transferred ownership if the transfer was sold at fair market value or valued pursuant to law as fair market value in the year in which the transfer occurred for the current owner. This change would apply to residential properties, including multi-family residential properties and real property necessary to accommodate a residential community of mobile or manufactured homes.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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