Kansas SB489 establishes a universal homestead exemption from ad valorem property taxes, exempting the first $10,000 of appraised valuation of any.

Kansas SB489 introduces a universal homestead exemption from ad valorem property taxes, exempting the first $10,000 of appraised valuation of any homestead starting January 1, 2028. The exemption applies before the assessment percentage is applied. Owners can only receive one exemption per tax year. The exemption amount will be adjusted every two years based on the statewide average appraised value of residential property. The bill also outlines procedures for governing bodies to exceed the revenue neutral rate, requiring public hearings and certifications.

Kansas SB489 establishes a universal homestead exemption from ad valorem property taxes, exempting the first $10,000 of appraised valuation of any.

Kansas SB489 introduces a universal homestead exemption from ad valorem property taxes, exempting the first $10,000 of appraised valuation of any homestead starting January 1, 2028. The exemption applies before the assessment percentage is applied. Owners can only receive one exemption per tax year. The exemption amount will be adjusted every two years based on the statewide average appraised value of residential property. The bill also outlines procedures for governing bodies to exceed the revenue neutral rate, requiring public hearings and certifications.