In Kansas, real property is assessed for tax purposes at what percentage of its appraised value for residential property?
Correct Answer
A) 11.5% of appraised value
Under Kansas law (K.S.A. 79-1439), residential real property is assessed at 11.5% of its appraised (fair market) value. This assessment ratio is then multiplied by the mill levy to determine the actual property tax owed. Kansas uses a classified property tax system, and the 11.5% ratio applies specifically to residential property.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Depreciation is an accounting method of allocating the cost of an asset over its useful life, allowing investors to deduct a portion of the asset's cost each year.
Highest and best use is an appraisal concept that identifies the most profitable, legally permitted, physically possible, and financially feasible use of a property. It is the foundation of all property valuation.
Homestead portability allows homeowners to transfer a portion of their accumulated homestead tax savings to a new homestead in the same state.
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