Proposing to amend the Constitution of the State of Kansas to decrease by 1/2% a year for five years from 111/2% to 9% the assessed value for real property used for residential purposes.
If approved, the amendment will fundamentally alter how residential properties, particularly those for mobile or manufactured homes, are assessed for property tax purposes. The gradual reduction in assessed valuation is expected to provide significant financial relief for homeowners within these categories, potentially allowing more families to afford housing in Kansas. The measure may also encourage local governments to reconsider their approaches to funding and budgeting, particularly in how reliant they are on property taxes for revenue.
HCR5021 proposes an amendment to the Kansas Constitution, specifically targeting the assessed valuation of real property used for residential purposes and properties necessary for mobile or manufactured home communities. The bill seeks to gradually reduce the assessed valuation rate, which is currently set at 11.5%, decrementing it by 0.5% annually over the next five years until it reaches a final rate of 9%. This change is intended to alleviate the property tax burden on residents and make housing more affordable in the state.
The proposed amendment has sparked discussions in legislative circles about its broader implications for state and local revenue generation. Advocates for HCR5021 argue that reducing the property tax burden is essential for promoting home ownership and addressing housing affordability, especially in light of rising costs. Opponents, however, raise concerns about potential impacts on public services funded by property taxes, including education and infrastructure, which could suffer if revenue decreases significantly over the coming years due to this constitutional amendment.