State Grants Some Small Tax Breaks

Home and apartment-building owners will get a small break in the property taxes they’ll owe this year under a measure Governor Laura Kelly has signed into law.

The legislation includes a grab-bag of changes expected to cut taxes by $310 million over the next three years.

The biggest piece of the savings, about $134 million over three years, goes to owners of residential property.

To help fund public schools, the state imposes a tax of $2.30 for every $1,000 of a residential property’s value as determined by the county appraiser, but it exempts the first $20,000 from the levy.

The new law increases the exemption to $40,000 for this year, saving the owners of any residential property worth that much or more $46 a year.

The state will be required to adjust the exemption annually based on the 10-year average percentage for how much the value of all the state’s residential property increases.