§ 79-501 Appraisal of real and tangible personal property at fair market value in money; exceptions; rate of assessment
§ 79-503a Fair market value defined; allowable variance; factors to be considered in determining fair market value; generally accepted appraisal procedures and standards to be utilized
§ 79-504 Appraisal standards; definitions
§ 79-505 Same; adoption by director of property valuation; additional standards, when
§ 79-506 Same; interim standards; time for adoption of final standards
§ 79-507 Commercial and industrial machinery and equipment; definition; classification and valuation
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Terms Used In Kansas Statutes > Chapter 79 > Article 5 - Rules for Valuing Property

  • Appraisal: A determination of property value.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Personal property: All property that is not real property.
  • Personal property: includes money, goods, chattels, evidences of debt and things in action, and digital assets as defined in the revised uniform fiduciary access to digital assets act, Kan. See Kansas Statutes 77-201
  • Property: includes personal and real property. See Kansas Statutes 77-201
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • real property: include lands, tenements and hereditaments, and all rights to them and interest in them, equitable as well as legal. See Kansas Statutes 77-201
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201