Under Kansas's classified property tax assessment system, which of the following property classes is NOT assessed at 11.5% of appraised value?
Correct Answer
D) A retail strip mall leased to commercial tenants in Kansas City, Kansas
Under Kansas law (K.S.A. 79-1439 and the Kansas Constitution Article 11, Section 1), commercial and industrial real property is assessed at 25% of appraised value, not 11.5%. A retail strip mall is commercial property and therefore falls under the 25% assessment ratio. The 11.5% ratio applies to residential property, which includes single-family homes, duplexes, and residential vacant lots.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Many states have laws to limit how much property taxes can increase each year, regardless of market value fluctuations.
Various programs and exemptions exist to reduce the property tax burden for specific groups, such as seniors, homesteaders, or veterans.
A transfer tax is a tax imposed on the transfer of ownership of real estate.
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