Brief ⁽¹⁾

HCR 5026 would, if adopted by voters, amend Article 11, Section 1, of the Kansas Constitution to authorize the Legislature to limit statutorily annual appraised valuation increases for all or any subclass of real property.

Background

The Article currently requires that the Legislature provide for a uniform and equal basis of valuation and rate of tax for all property subject to taxation. KSA 79-503a provides a fair market value methodology for most such property, defined as "the amount in terms of money that a well informed buyer is justified in paying and a well informed seller is justified in accepting for property in an open and competitive market, assuming that the parties are acting without undue compulsion."

HCR 5026 is not self executing, and subsequent action would need to be taken by the Legislature for annual valuation increase limitations to be imposed.

1. *Supplemental notes are prepared by the Legislative Research Department and do not express legislative intent. The supplemental note and fiscal note for this bill may be accessed on the Internet at http://www.ink.org/public/legislative/fulltext.cgi