Kansas Senate Bill SB274

Kansas 2023-2024 Regular Session

• Introduced: 2/21/23
• Refer: 2/22/23
• Failed: 4/30/24

Caption

Requiring the use of the cost approach for special purpose property for property tax valuation purposes.

Impact

The implications of SB274 are significant for local governments and property owners alike. By dictating that the cost approach must be utilized, the bill could alter the financial landscape for special purpose properties, which may include schools, parks, or government buildings. Local jurisdictions will need to adapt their assessment practices and could see changes in their revenue streams as property valuations shift. Property owners of these unique properties might experience variations in their property tax obligations depending on how their property is valued under this new requirement.

Summary

SB274 seeks to establish a requirement for the use of the cost approach in the valuation of special purpose properties for property tax assessments. This legislative measure is aimed at standardizing how certain properties, typically unique in nature, are assessed for tax purposes. By mandating a specific approach to valuation, the bill intends to bring consistency to property tax calculations related to special purpose properties, ensuring that tax assessments accurately reflect the value derived from these properties.

Contention

There are notable points of contention surrounding SB274. Supporters argue that this bill will lead to fairer and more equitable property tax assessments by eliminating inconsistencies across different jurisdictions in the use of valuation methods. Conversely, critics may express concerns that such standardization could overlook the unique qualities of certain properties, ultimately leading to inflated assessments that do not reflect the true market value. Discussions in legislative sessions could highlight divisions among stakeholders, including local governments, property owners, and taxpayers.