Kansas 2023-2024 Regular Session

Kansas House Bill HB2520

Introduced

1/17/24

Refer

1/17/24

Failed

4/30/24

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 HB2278

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

KS SB309

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 HB2631

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

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 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 SB2

Eliminating the income limit to qualify for the subtraction modification exempting social security benefits, increasing the income tax credit amount for household and dependent care expenses, establishing the veterans' valor property tax relief act providing for an income tax credit or refund for eligible individuals, citing the increased property tax homestead refund claim section as the homeowners' property tax freeze program, decreasing the normal privilege tax rate, increasing the extent of property tax exemption for residential property from the statewide school levy, decreasing the rate of ad valorem tax imposed by a school district; providing for certain transfers to the state school district finance fund, reducing the state rate of tax on sales of food and food ingredients and modifying the percent credited to the state highway fund from revenue collected.

KS SB401

Requiring the county appraiser to conduct a new physical inspection before increasing the valuation of residential real property by more than 15%.

KS H1257

Property Tax Benefits for Residential Properties

KS SB90

Providing for a property tax exemption from local government levies to the extent of the first $100,000 of appraised value for certain owner-occupied homes and authorizing local governments to propose a ballot question to opt out of such property tax exemption.

Similar Bills

No similar bills found.