Taxation committee approves constitutional amendment measure to average residential valuations; expands measure to include commercial property and mobile homes

The Committee on Taxation voted to report House Concurrent Resolution 5,011 favorably as amended. The resolution proposes a constitutional amendment to change how residential real property is valued for property tax purposes; the committee added an amendment to extend the same averaging approach to commercial and industrial real property and to mobile homes classified as tangible personal property.

Resolution overview: The reviser explained that HCR 5,011 would amend Section 1 of Article 11 of the Kansas Constitution so that the valuation of real property used for residential purposes would be determined based on the lesser of fair market value or an average fair market value of the residential portion over a legislatively established number of years. The resolution would allow legislative adjustments by law for new construction, improvements, changes in use, escaped or omitted property, and changes to land…