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2021 Personal Property Summary

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2021 Personal Property Summary State of Kansas Department of Revenue Laura Kelly, Governor Mark A. Burghart, Secretary Division of Property Valuation David N. Harper, Director 2021 Personal Property Summary Zibell Office Bldg, 300 SW 29th St, Topeka, KS 66611 Mail: P.O. Box 3506, Topeka, KS 66601-3506 Phone (785) 296-2365 Fax (785) 296-2320 Hearing Impaired TTY (785) 296-2366 http://www.ksrevenue.org/pvdindex.html 2021 Personal Property Summary Changes The following are notable changes in the 2021 summary: Drone exemption language has been added. Other changes may consist of dates, formatting, and additional language for clarification. 2021 Personal Property Summary Page 2 Changes Rev. 12/2020 Table of Contents Introduction ................................................................................................................................................ 6 Frequently Asked Questions ................................................................................................................. 7 Why is personal property taxed in Kansas? ................................................................................ 7 What does the county appraiser do?............................................................................................ 7 How does the county's appraisal affect taxes? ......................................................................... 7 How is personal property appraised? ........................................................................................... 7 Do personal property values depreciate every year?.............................................................. 7 How does the county appraiser determine personal property values? ........................... 8 How does the county appraiser discover taxable personal property? ............................. 8 When are taxpayers notified of the value of their personal property? ............................ 8 What can property owners do if they believe their property value is too high? .......... 8 What takes place at the appeal hearing? .................................................................................... 9 How are personal property taxes calculated? ........................................................................... 9 What is the mill levy? .......................................................................................................................... 9 Who is responsible for the taxes due on personal property that was sold or purchased during the year? ................................................................................................................................. 10 Are personal property taxes prorated? ...................................................................................... 10 When are personal property taxes due? ................................................................................... 10 Where can taxpayers find additional information about property taxation? ............... 10 Personal Property Classification and Assessment ...................................................................... 11 Class/Subclass ..................................................................................................................................... 11 Property Type ...................................................................................................................................... 11 Assessment % ...................................................................................................................................... 11 Personal Property ................................................................................................................................... 12 What is personal property? ............................................................................................................ 12 What personal property is taxable?............................................................................................. 12 Who needs to list personal property for taxation? ................................................................ 12 Who must sign the personal property rendition? .................................................................. 13 When and where does a taxpayer file a rendition? ............................................................... 13 2021 Personal Property Summary Page 3 Table of Contents Rev. 12/2020 What happens when a taxpayer does not list taxable personal property with the county? .................................................................................................................................................. 14 Late Filing Penalties: .......................................................................................................................... 15 Failure to File Penalties: ................................................................................................................... 15 Escaped Penalties: .............................................................................................................................. 16 How is personal property valued and assessed? .................................................................... 16 Discovery of Personal Property ......................................................................................................... 20 Personal Property Calendar ................................................................................................................ 22 Property Tax Exemptions ..................................................................................................................... 23 Property Tax Exemption Application: ......................................................................................... 23 What is the typical exemption procedure? ............................................................................... 24 Summary of the exemption process: .......................................................................................... 25 When is a taxpayer not required to file for exemption? ...................................................... 26 Statute Listing ...................................................................................................................................... 27 Exemption for Industrial Revenue Bond-Funded Property (IRB): ..................................... 29 Exemption for Economic Development Property: .................................................................. 29 Procedure for Industrial Revenue Bond and Economic Development Exemptions: .. 30 When must a taxpayer file an Annual Claim for Exemption? ............................................. 31 Intangible Computer Software Programs: ................................................................................ 32 $1500 Exemption for Commercial/Industrial Machinery and Equipment Exemption: .................................................................................................................................................................. 32 Commercial/Industrial Machinery and Equipment Exemption:......................................... 33 Aircraft Exemptions: .......................................................................................................................... 34 Military Personal Property Exemptions: ..................................................................................... 35 Farm Machinery and Equipment Exemption: ........................................................................... 36 School Finance Levy Exemption: ................................................................................................... 38 List of Exemption Statutes: ............................................................................................................. 39 Property Tax Appeals Process ............................................................................................................ 43 Property Tax Grievance Appeals: .................................................................................................. 43 Notice of Value (Equalization) Appeals: ..................................................................................... 45 Payment Under Protest (PUP) Appeals: ..................................................................................... 46 Hearing Officer Panel (HOP): ......................................................................................................... 48 2021 Personal Property Summary Page 4 Table of Contents Rev. 12/2020 Reviews by the Director of Property Valuation: ...................................................................... 48 Small Claims Division: ....................................................................................................................... 48 Regular Division: ................................................................................................................................. 49 District Court: ....................................................................................................................................... 49 Public Relations ....................................................................................................................................... 50 Internet Sites ............................................................................................................................................ 52 Record Retention .................................................................................................................................... 53 Glossary of
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