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.
Impact
The resolution, if passed, would amend Section 1 of Article 11 of the Kansas Constitution. By implementing this average valuation approach, the amendment could significantly alter the property tax landscape in Kansas. The move is anticipated to reduce sharp increases in property taxes that often accompany rapid market appreciation, thus providing more certainty for taxpayers. Additionally, the legislature would be authorized to introduce valuation adjustments in certain cases, such as new constructions or changes in property use, which may further target the specific economic conditions affecting property values.
Summary
HCR5025, also known as the proposed constitutional amendment regarding property taxation in Kansas, seeks to change how residential real property is valued. The amendment aims to base the valuation of residential properties, including multi-family residences and properties for mobile homes, on the average fair market value derived from the past ten calendar years. This new valuation method is expected to bring a more stable and predictable assessment approach for homeowners, potentially benefiting both current owners and prospective buyers by possibly lowering tax obligations in fluctuating market conditions.
Contention
Points of contention regarding HCR5025 may arise from different stakeholder viewpoints. Supporters of the bill argue that this approach will enhance fairness in the property taxation system, making it difficult for local governments to disproportionately tax property owners based on sudden market fluctuations. Conversely, opponents may express concerns regarding the implications for local government revenue, fearing that such a shift in the valuation process may lead to budget shortfalls that could impact essential services. There might also be debates on how the legislative decisions about valuation adjustments might serve varying political interests.
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 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 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.
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.