TOPEKA — Passage of property tax legislation in the Kansas Senate would exempt $100,000 of the assessed value on residential property from the 20-mill tax used by the state to finance public schools and would result in a decline of nearly $150 million annually in state revenue.
Since 1997, state law has required the first $20,000 of assessed value to be exempted from the statewide mill levy for K-12 education. Under Senate Bill 431, that exemption from would be five times larger starting in tax year 2022.
A lobbyist for Kansas realtors endorsed the bill Thursday. No one stood in opposition to the measure. It was introduced by Sen. Caryn Tyson, a Parker Republican who chairs the Senate Assessment and Taxation Committee. She is seeking the GOP nomination for state treasurer in 2022.