Eleanor is a 72-year-old homeowner in Sedgwick County, Kansas, with a household income of $22,000 per year. She is struggling to pay her property taxes on her primary residence. Her neighbor tells her she may qualify for the Kansas Homestead Property Tax Refund. Which statement most accurately describes Eleanor's eligibility and the nature of this Kansas program?
Correct Answer
B) Eleanor may receive a refund of a portion of property taxes paid, calculated as the amount exceeding a set percentage of household income, subject to a maximum refund cap
The Kansas Homestead Property Tax Refund Program (K.S.A. 79-4501 et seq.) is a refund program — not an exemption or deferral — that provides eligible low-income homeowners (including seniors) a refund of the portion of property taxes paid that exceeds a specified percentage of their household income. The refund is claimed on the Kansas income tax return and is subject to a statutory maximum cap. Eleanor, at age 72 with a $22,000 income, would likely meet the income and age eligibility criteria, but she receives a partial refund, not a full exemption. This distinction is critical and frequently misunderstood on the exam.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Reconciliation is the final step in the appraisal process where the appraiser analyzes the value indications from all applicable approaches and arrives at a single final opinion of value. It is not a simple average of the three values.
The comparable sales approach estimates a property's value by comparing it to similar properties that have recently sold in the same market area. It is the most widely used and reliable approach for appraising residential properties.
The cost approach estimates a property's value by calculating the current cost to rebuild the improvements, subtracting accumulated depreciation, and adding the land value. It is most reliable for new construction and special-purpose properties.
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In Utah, how is a primary residence assessed for property tax purposes under the residential exemption?
Which of the following best describes how Utah's rapid population growth, driven partly by Silicon Slopes tech expansion, has affected housing affordability?
When appraising a property in Utah's Wasatch Front, which environmental hazard would an appraiser need to consider that is less common in most other states?
The rapid growth of the 'Silicon Slopes' tech corridor in Utah has most directly affected real estate in which area?
- → The income approach to appraisal is most commonly used for which type of property?
- → Which formula correctly calculates the capitalization rate?
- → External obsolescence in Oklahoma:
- → The sales comparison approach to appraisal is most appropriate for which type of property?
- → Which of the following correctly lists the three types of depreciation recognized in real estate appraisal?
- → The sales comparison approach to appraisal is most commonly used for which type of property?
- → Which four tests must a use satisfy to qualify as the highest and best use of a property?
- → Three depreciation:
- → Cap rate:
- → Which formula best represents the cost approach to appraisal?
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