Kansas 2023-2024 Regular Session

Kansas House Bill HB2520

Introduced
1/17/24  
Refer
1/17/24  

Caption

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

Impact

The implications of HB 2520 are significant for state revenue and local education funding. By increasing the exemption limit, the bill may reduce the funds available for public schools, which are primarily financed through property taxes. Proponents argue this increase is necessary given the financial burden on residents, especially in light of rising property values and consequently higher taxes. However, this shift could lead to a decrease in educational resources if not offset by other funding mechanisms.

Summary

House Bill 2520 proposes an increase in the property tax exemption amount from the statewide school levy for residential properties, raising the exemption cap to $100,000 of the property's appraised valuation. The primary objective of this bill is to provide financial relief to homeowners, thereby reducing their tax liabilities and fostering a favorable environment for homeownership in the state.

Contention

As discussions surrounding the bill unfold, there may be contention regarding the balance between alleviating tax burdens for homeowners and maintaining adequate funding for education. Opponents argue that the increased exemptions could adversely affect local school districts financially, leading to potential reductions in educational quality and services. Such concerns may provoke debates about the long-term effects of the bill on both taxpayers and the educational system.

Companion Bills

No companion bills found.

Previously Filed As

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 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.