Valuation and Assessment

How is personal property valued and assessed?

Kansas property tax law requires that all property be taxed uniformly and  equally as to class and unless otherwise specified, be valued at its  fair market value as of January 1st. Article 11, Section 1 of the Kansas Constitution places real property and personal property into separate  classes. Class 2 is tangible personal property. Tangible personal  property is further classified into six sub-classes and assessed at the  following percentage of value.

Personal Property Classes and Assessment Rates

Class/Subclass Property Type Assessment Rate
2.01 Mobile homes used for residential purposes 11.5%
2.02 Mineral leasehold interests, except oil leasehold interests the average daily production from which is five barrels or less. 30%
2.02 Natural gas leasehold interests the average daily production from which is 100 mcf or less. 25%
2.03 Public utility tangible personal property including inventories, thereof, except railroad personal property, including inventories thereof, which shall be assessed at the average rate all other commercial and industrial property is assessed. 33%
2.04 All categories of motor vehicles not defined and specifically valued and taxed pursuant to law enacted prior to *January 1, 1985 [*motor vehicles valued under K.S.A. 79-5100 series]. 30%
2.05 Commercial and industrial machinery and equipment, which, if its economic life is seven years or more, shall be valued at its retail cost when new less seven-year straight-line depreciation.  Or which, if its economic life is less than seven years, shall be valued at its retail cost when new less straight-line depreciation over its economic life, except that, the value so obtained for such property, notwithstanding its economic life and as long as such property is being used, shall not be less than 20% of the retail cost when new of such property. 25%
2.06 All other tangible personal property not otherwise specifically classified. 30%