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.
Impact
If approved, this amendment would significantly impact how real property is assessed in Kansas. The cap on valuation increases is intended to alleviate the financial burden on homeowners, particularly in times of fluctuating property values and potential market pressures. It also requires the legislature to clarify the definitions of new construction and improvements, thereby establishing a framework for implementing these changes. This could lead to a more consistent and equitable taxation system across the state, benefiting property owners and possibly stabilizing community housing markets.
Summary
SCR1611 proposes an amendment to Section 1 of Article 11 of the Kansas Constitution, focusing on property taxation by limiting annual valuation increases for real property. Specifically, the bill seeks to cap these increases at 4% unless specific conditions are met, such as new construction, changes in property classification, or transfer of title. By setting these limits, the bill aims to provide property owners with more predictability regarding their property tax assessments, which could be particularly beneficial for those on fixed incomes or who may otherwise be vulnerable to rising property costs.
Contention
Despite its intended benefits, SCR1611 has generated discussions regarding the potential implications for local governments' revenue generation capabilities. Critics argue that limiting property tax valuations could restrict local funding for essential services such as education, public safety, and infrastructure. This has led to concerns about the balance between protecting individual property owners and maintaining adequate funding for local government services, thereby creating a contention between fiscal conservatism and community support requirements.
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 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 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.
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.
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.