Bill > SB332

This bill amends existing Kansas law concerning property taxation to clarify how the sale price of properties purchased at auction is determined for official purposes. Specifically, it mandates that "buyer's premiums," which are defined as third-party intermediary premiums, charges, commissions, or fees paid by a buyer for services that facilitate a real estate sale and are separately stated in writing, will not be included in the sale price when filling out the real estate sales validation questionnaire or when valuing the property for ad valorem property tax purposes, provided none of these fees are received by the seller. The real estate sales validation questionnaire is a form used to collect information about property sales for tax assessment, and ad valorem property tax is a tax based on the assessed value of property. This change aims to ensure that the reported sale price accurately reflects the amount paid to the seller, excluding additional costs incurred by the buyer for auction services.

Budget and Finance

Assessment and Taxation (Senate)

https://kslegislature.gov/li/b2025_26/measures/sb332/