Bill > HB2079

This bill modifies Kansas law regarding how fair market value is determined for residential property tax assessments by introducing a new requirement that comparable sales used in valuation must occur within the same subdivision or township as the property being assessed, or in the closest-located subdivision or township. Specifically, the bill amends the existing definition of "fair market value" by adding language that limits comparison sales for residential property valuation to only those sales that have occurred within the same geographic area. This change aims to ensure that property valuations are based on more localized and directly comparable sales data, which could potentially provide a more accurate representation of a property's true market value. The bill maintains the existing complex definition of fair market value, which already considers multiple factors like property classification, location, depreciation, and other economic considerations, but now places a more stringent geographic constraint on the comparative sales method. The legislation will take effect upon publication in the state statute book, and it repeals the previous version of the statute.

Budget and Finance

Taxation (H)

https://kslegislature.gov/li/b2025_26/measures/hb2079/