79-501.
Appraisal of real and tangible personal property at fair market value in money; exceptions; rate of assessment.
Each parcel of real property shall be appraised at its fair market value in money, the value thereof to be determined by the appraiser from actual view and inspection of the property. The price at which such real property would sell at forced sale may be taken as a criterion of such fair market value in money in the market place of such sale if the appraiser believes such price to be a reasonable factor in arriving at fair market value. The price at which real property would sell at auction may be taken as the criterion of fair market value in money if the appraiser determines such sale to be an arms-length transaction between a willing buyer and seller. In addition, land devoted to agricultural use shall be valued as provided by K.S.A. 79-1476, and amendments thereto. Tangible personal property shall be appraised at its fair market value in money except as provided by K.S.A. 79-1439, and amendments thereto. All such real and tangible personal property shall be assessed at the rate prescribed by K.S.A. 79-1439, and amendments thereto.
History:
L. 1876, ch. 34, § 15; R.S. 1923, 79-501; L. 1963, ch. 460, § 3; L. 1969, ch. 433, § 2; L. 1988, ch. 375, § 6; L. 1989, ch. 2, § 9 (Special Session); December 14.
Notes of Decisions
Bd. of Johnson Cnty. Comm'rs v. Jordan, 370 P.3d 1170 (Kan. 2016).
· cites it 8× “3 The legislature has statutorily provided that all taxable property must be listed and valued every January 1. See K.”
Hixon v. Lario Enter., Inc., 892 P.2d 507 (Kan. 1995).
· cites it 4× “The Court of Appeals noted that K.S.A. 1994 Supp. 79-501 states that each parcel of real property shall be appraised at its fair market value and that the appraisal should be made as if each parcel is sold on the appraisal date.”
N. Nat. Gas Co. v. Williams, 493 P.2d 568 (Kan. 1972).
· cites it 5× “) Note this does not say it reflects the relationship of assessed value to the "justifiable value" (See K.S.A. 79-501 and K.S.A. 1968 Supp. 79-503).”
State Ex Rel. Stephan v. Martin, 641 P.2d 1020 (Kan. 1982).
· cites it 4× “Among the statutes material to a decision herein are the following: "K.S.A. 79-501 provides: `Each parcel of real property shall be appraised at its fair market value in money, the value thereof to be determined by the assessor from actual view and inspection of the property;…”
N. Nat. Gas Co. v. Dwyer, 492 P.2d 147 (Kan. 1971).
· cites it 3× “K.S.A. 79-501 provides for the valuation of nonexempt real property at its justifiable value in money.”
Garvey Grain, Inc. v. MacDonald, 453 P.2d 59 (Kan. 1969).
· cites it 3× “cent of its true value and at a greater percentage of its true value than the valuation of other comparable properties to which the same tax levies were applicable, and that the valuation and assessment of its property upon which *4 the 1964 taxes were levied was illegal and…”
Cities Serv. Oil Co. v. Murphy, 447 P.2d 791 (Kan. 1968).
· cites it 3× “1949, 79-501 (amended in 1963, now K.S.A. 79-501.) In 1963, pursuant to K.S.”
In re Tax Appeal of River Rock Energy Co., 492 P.3d 1157 (Kan. 2021).
“Oil and gas taxation Article 11, § 1 of the Kansas Constitution requires the Legislature to "provide for a uniform and equal basis of valuation and rate of taxation of all property subject to taxation." State law specifies personal property subject to ad valorem taxation is to…”
Atchison, Topeka & Santa Fe Ry. Co. v. Lennen, 552 F. Supp. 1031 (D. Kan. 1982).
· cites it 2× “The defendants in Williams , like the defendants in the instant case, argued that the ratio study demonstrates only the sales price of real estate and does not reflect the relationship of assessed value to “justifiable value” — the proper criterion under K.S.A. 79-501 and K.S.A.…”
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