Kansas 2023-2024 Regular Session

Kansas Senate Bill SB97

Introduced

1/24/23

Refer

1/25/23

Report Pass

2/20/23

Refer

1/9/24

Failed

4/30/24

Caption

Increasing the extent of property tax exemption for residential property from the statewide school levy.

Impact

The enactment of SB97 would amend existing statutes regarding property taxation, particularly K.S.A. 2022 Supp. 79-201x, which governs the exemptions applicable to residential properties. The bill also sets forth a provision for annual adjustments to the exemption amount based on the average percentage change in statewide residential valuation over the preceding decade. This dynamic adjustment mechanism is designed to align the exemption amount with market changes, theoretically helping to maintain the exemption's relevance over time.

Summary

Senate Bill No. 97 aims to increase the exemption threshold for property taxation related to residential properties from the statewide school levy in Kansas. Specifically, the bill increases the exemption from $40,000 to $65,000 of the appraised valuation for taxable years 2022, 2023, and thereafter. This change is intended to provide financial relief to homeowners by reducing the amount of property tax they are required to pay, particularly in a time of rising property values.

Contention

While proponents argue that increasing the property tax exemption will help ease the financial burden on homeowners, critics may contend that it could impact funding for public schools, which rely heavily on property taxes as a funding source. Opposition might arise from concerns that reduced tax revenues could affect the quality of educational services and resources available to students. The balance between providing tax relief to residents and ensuring adequate funding for essential public services is likely to be a central point of debate surrounding this legislation.

Companion Bills

No companion bills found.

Previously Filed As

KS HB2278

Increasing the extent of property tax exemption from the statewide school levy for residential property.

KS HB2364

Increasing the extent of property tax exemption from the statewide school levy for residential property to $65,000 of such property's appraised valuation.

KS HB2520

Increasing the extent of property tax exemption from the statewide school levy for residential property to $100,000 of such property's appraised valuation.

KS SB217

Increasing the extent of property tax exemption for residential property from the statewide school levy.

KS SB138

Expanding and clarifying the property tax exemption for Strother field airport property, increasing the extent of exemption for residential property from the statewide school levy, discontinuing the state tax levies for the Kansas educational building fund and the state institutions building fund and providing financing therefor from the state general fund.

KS HB2011

Decreasing the rate of ad valorem tax imposed by a school district, increasing the extent of exemption for residential property from the statewide school levy and providing for certain transfers to the state school district finance fund.

KS HB2284

Providing an income tax rate of 5.25% for individuals, exempting all social security benefits from Kansas income tax, increasing the standard deduction by a cost-of-living adjustment, increasing the Kansas personal exemption, decreasing the privilege tax normal tax, establishing a 0% state rate for sales and use taxes for food and food ingredients on April 1, 2024, and increasing the extent of property tax exemption for residential property from the statewide school levy.

KS HB2837

Simplifying income tax rates for individuals, increasing the the Kansas personal exemption, increasing the income limit for an income tax subtraction modification for social security income, increasing the extent of property tax exemption for residential property from the statewide school levy, decreasing the privilege tax normal tax rate and establishing a 0% state rate for sales and use taxes for sales of food and food ingredients on July 1, 2024.

KS HB2844

Modifying income tax rates for individuals, increasing the standard deduction and the Kansas personal exemption, increasing the income limit for an income tax subtraction modification for social security income, increasing the extent of property tax exemption for residential property from the statewide school levy, decreasing the privilege tax normal tax rate, abolishing the local ad valorem tax reduction fund and the county and city revenue sharing fund and decreasing the rate of ad valorem tax imposed by a school district.

KS SB539

Simplifying income tax rates for individuals, increasing the standard deduction and the Kansas personal exemption, eliminating the income limit for the income tax subtraction modification exempting social security benefits, establishing a child tax credit, increasing the extent of property tax exemption for residential property from the statewide school levy, decreasing the privilege tax normal tax rate and establishing a 0% state rate for sales and use taxes for sales of food and food ingredients on July 1, 2024.

Similar Bills

No similar bills found.