Brief (1)
SCR 1629, if approved by voters on November 7, would amend the property tax classification amendment to the Kansas Constitution to authorize the Legislature to separately classify and tax aircraft and watercraft on a different basis from other property.
Background
The resolution is not self-executing, and subsequent legislation would be needed before the taxation of aircraft and watercraft could be changed. Such property is now assessed at 30 percent of its fair market value.
After a similar legislative authorization for "recreational vehicles" was adopted as part of a constitutional amendment in 1992, the Legislature in 1994 enacted a new tax system (which was effective January 1, 1995) for such vehicles under which liability is based on the weight and age of the vehicles (rather than on fair market value).
Aircraft which are at least 30 years old or are used exclusively for business purposes are already totally exempt from property taxation.
1. *Supplemental notes are prepared by the Legislative Research Department and do not express legislative intent. The supplemental note and fiscal note for this bill may be accessed on the Internet at http://www.ink.org/public/legislative/bill_search.html