Providing that leased ground owned by a county-recognized community land trust shall be considered as a factor in determining fair market value for property tax purposes.

HB 2408 modifies Kansas property tax law to require tax assessors to consider restrictions on properties leased by county-recognized community land trusts when determining fair market value for tax purposes. This directly affects affordable housing properties owned by such trusts, which lease land to low-income residents under federal Section 42 housing programs. The bill adds a specific provision (section l) to the definition of fair market value, mandating that lease restrictions on these properties be factored into tax assessments. This change aims to lower taxable value for these properties, potentially reducing tax burdens on affordable housing providers. The policy is a concrete adjustment to tax valuation standards, not a new tax or subsidy.