Kansas 2023-2024 Regular Session

Kansas Senate Bill SB484

Introduced
2/7/24  
Refer
2/8/24  
Report Pass
2/21/24  
Engrossed
3/18/24  
Refer
3/18/24  

Caption

Providing property tax exemptions for certain personal property including watercraft, marine equipment, off-road vehicles, motorized bicycles and certain trailers.

Impact

If enacted, SB 484 will alter existing property tax laws by exempting certain assets from ad valorem taxes until December 31, 2024, after which these items will enjoy permanent tax exemptions. This significant change is expected to relieve taxpayers from liabilities associated with property that serves personal leisure rather than commercial purposes. By shifting the tax burden away from these assets, it potentially encourages recreational investments while also providing financial relief to owners of such properties.

Summary

Senate Bill 484, introduced by the Committee on Ways and Means, aims to provide property tax exemptions for specific personal property categories in Kansas, including watercraft, marine equipment, off-road vehicles, motorized bicycles, and certain trailers. The bill stipulates that these exemptions will apply to properties not operated on highways and designated for personal use rather than for income production. This legislative effort reflects a changing landscape in property taxation where citizens seek more equitable treatment concerning recreational and personal assets.

Contention

The bill has sparked debate among lawmakers and stakeholders over the potential fiscal implications on state revenues and local economies. Proponents argue that such tax relief is essential for encouraging outdoor activities and protecting personal property investments. Conversely, critics raise concerns regarding the loss of revenue collected through property taxes, which fund essential local services. There are apprehensions that the exemptions may disproportionately benefit affluent individuals at the expense of broader community needs, impacting the equitable distribution of public resources.

Companion Bills

No companion bills found.

Previously Filed As

KS HB2014

Providing property tax exemptions for certain personal property including watercraft, marine equipment, off-road vehicles, motorized bicycles and certain trailers.

KS SB10

Providing property tax exemptions for certain personal property including watercraft, marine equipment, off-road vehicles, motorized bicycles and certain trailers.

KS HB2003

Establishing the veterans' valor property tax relief act providing for an income tax credit or refund for eligible individuals, modifying the definition of household income and increasing the appraised value threshold for eligibility of seniors and disabled veterans related to increased property tax claims and citing the section as the homeowners' property tax freeze program, providing property tax exemptions for certain personal property including watercraft, marine equipment, off-road vehicles, motorized bicycles and certain trailers, excluding internal revenue code section 1031 exchange transactions as indicators of fair market value, providing for certain exclusions from the prohibition of paying taxes under protest after a valuation notice appeal and providing four prior years' values on the annual valuation notice.

KS HB2231

Providing an additional personal exemption for head of household tax filers and increasing the personal exemption for certain disabled veterans for purposes of income tax, modifying the definition of household income related to increased property tax homestead refund claims, providing for the apportionment of business income by the single sales factor and the apportionment of financial institution income by the receipts factor, providing for the apportionment pursuant to the three-factor test of a manufacturer who sells alcoholic liquor, requiring the use of single sales factor pursuant to the multistate tax compact, establishing deductions from income when using the single sales factor and receipts factor, providing for the decrease in corporate income tax rates, determining when sales other than tangible personal property are made in the state, excluding sales of a unitary business group of electric and natural gas public utilities, providing property tax exemptions for certain personal property including watercraft, marine equipment, off-road vehicles, motorized bicycles and certain trailers.

KS A4992

Requires franchise agreement for sale of all-terrain vehicles and certain watercraft.

KS HF3785

Definitions and registration requirements for motorized bicycles and motorcycles powered by electric motors modified, sellers required to have a dealer license, certain vehicles prohibited from using public roads, and money appropriated.

KS HB1939

Tangible personal property tax; electric landscaping equipment.

KS A1538

Reclassifies electric bicycles; establishes certain regulations for electric bicycles, motorized bicycles, storage batteries, and charging systems.

KS SB2628

All-terrain vehicles and recreational off-highway vehicles; allow tagging for operation on certain roads.

KS SB2258

All-terrain vehicles and recreational off-highway vehicles; allow tagging for operation on certain roads.

Similar Bills

CA SB1352

Property taxation: newly constructed: reconstructed property.

CA AB245

Property taxation: application of base year value: disaster relief.

CA SB1053

Property taxation: transfer of base year value: disaster relief.

CA SB603

An act to amend Section 69 of the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy.

HI HB1398

Relating To Property.

HI HB1398

Relating To Property.

TX HB2011

Relating to the right to repurchase from a condemning entity certain real property for which ad valorem taxes are delinquent.