Proposing to amend section 1 of article 11 of the constitution of the state of Kansas to establish the taxable valuation of real property used for residential purposes based on the sales price for the year in which the property transferred ownership if the transfer was sold at fair market value or valued pursuant to law as fair market value in the year in which the transfer occurred for the current owner.

This bill proposes a constitutional amendment in Kansas to change how residential real property is taxed based on its sales price at the time of transfer. It would apply to homeowners who buy a home at fair market value, setting their taxable valuation according to that sale price for the current owner. The measure also updates other property tax classifications and assessment percentages for various property types, including agricultural land and commercial buildings.