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.
Impact
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.
Summary
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.
Contention
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.
Proposing to amend the constitution of the state of Kansas to decrease the assessed value for real property used for residential purposes to 10 1/2% for 2025 and 9 1/2% for 2026 and each year thereafter.
Proposing to amend Section 1 of Article 11 of the Constitution of the State of Kansas to determine valuations of residential property based on the average fair market value of the 10 prior years.
Proposing to amend section 1 of article 11 of the constitution of the state of Kansas to limit property tax valuation increases for residential property.
Proposing to amend section 1 of article 11 of the constitution of the state of Kansas to limit property tax valuation increases for real property and personal property mobile homes.
Proposing to amend section 1 of article 11 of the constitution of the state of Kansas to limit property tax valuation increases for real property and personal property classified as mobile homes.
Senate Substitute for HCR 5011 by Committee on Assessment and Taxation - Proposing to amend section 1 of article 11 of the constitution of the state of Kansas to limit property tax valuation increases for real property and personal property classified as mobile homes.
Proposing a constitutional amendment to provide authority to the legislature to limit property tax increases for residential property that is owned by and the principal place of residence of lawful permanent residents of Kansas who are 62 years of age or older or disabled or to exempt such property from ad valorem taxation.