Kansas 2023-2024 Regular Session

Kansas House Bill HB2364

Introduced
2/8/23  
Refer
2/8/23  

Caption

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

Impact

The implications of this bill are significant as it alters the financial obligations of residential property owners with respect to school funding. By increasing the exemption limit, the bill could potentially decrease revenue available for school districts, which rely on property taxes as a funding source. In response to the bill, various stakeholders have raised concerns regarding the potential negative impact on education funding and local budgetary constraints. Nevertheless, proponents argue that the bill can foster a more favorable environment for homeowners and stimulate local economies by encouraging property ownership.

Summary

House Bill 2364 seeks to modify the property tax exemption for residential properties in Kansas by increasing the amount exempt from the statewide school levy. Specifically, the bill raises the exemption amount from $40,000 to $65,000 of a property's appraised valuation, starting from the taxable year 2024. This legislation has been introduced as a means to ease the tax burden on homeowners and support the state's residential property market, particularly in the wake of fluctuating real estate values.

Contention

Notable points of contention regarding HB 2364 center around the balance between supporting homeowners and ensuring adequate funding for public education. While supporters advocate that the increased exemption will provide necessary relief to homeowners, critics warn that it could lead to an underfunded education system, affecting the quality of education provided to students. Ultimately, this bill is seen as a strategic move that could shape tax policy further, highlighting ongoing tensions between the need for local funding and the desire to relieve taxpayers.

Companion Bills

No companion bills found.

Previously Filed As

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 HB2278

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

KS SB97

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

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 SB1

Modifying income tax rates for individuals, exempting all social security benefits from Kansas income tax, increasing the Kansas standard deduction and the Kansas personal exemption, increasing the income tax credit amount for household and dependent care expenses, decreasing the privilege tax normal tax, excluding internal revenue code section 1031 exchange transactions as indicators of fair market value for property tax valuation purposes, increasing the extent of property tax exemption for residential property from the statewide school levy, providing for certain transfers to the state school district finance fund and abolishing the local ad valorem tax reduction fund and the county and city revenue sharing fund.

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.

Similar Bills

No similar bills found.