Kansas Statutes 12-17,125. Same; taxation of real property approved for tax benefits; rebate of property tax increments to taxpayers
Terms Used In Kansas Statutes 12-17,125
- City: means any city in Kansas. See Kansas Statutes 12-1795
- Governing body: means the governing body of any municipality. See Kansas Statutes 12-17,115
- Improvement: means the principal structures, works, component parts and accessories of any of the following:
(1) Sanitary and storm sewers and lift stations. See Kansas Statutes 12-1795
- Increment: means , except for any taxes levied by school districts pursuant to Kan. See Kansas Statutes 12-17,115
- Property: includes personal and real property. See Kansas Statutes 77-201
- Tax increment: means that amount of real property taxes collected from real property located within the redevelopment district that is in excess of the amount of real property taxes which is collected from the base year assessed valuation. See Kansas Statutes 12-1770a
- Taxpayer: means a person, corporation, limited liability company, S corporation, partnership, registered limited liability partnership, foundation, association, nonprofit entity, sole proprietorship, business trust, group or other entity that is subject to the Kansas income tax act, Kan. See Kansas Statutes 12-1770a
Real property that has been approved for downtown redevelopment tax benefits pursuant to Kan. Stat. Ann. § 12-17,124, and amendments thereto, shall be assessed and taxed for real property tax purposes pursuant to law in the same manner that such property would be assessed and taxed if it had not been approved for downtown redevelopment tax benefits. The tax increment generated by the improvement shall be credited to the fund created by a governing body of a city or an unincorporated area of a county for the purpose of returning all or part of the property tax increment to the taxpayer in the form of a rebate of 100% each year in years one through five, 80% in year six, 60% in year seven, 40% in year eight and 20% in year nine. No rebate shall be paid on or after the tenth year. Upon payment of taxes by the taxpayer, the rebate must be made within 30 days after the next distribution date as specified in Kan. Stat. Ann. § 12-1678a, and amendments thereto.