Property tax exemptions costing local, state government more than $1 billion, audit says
Real property tax exemptions cost local and state governments more than $1 billion in forgone tax revenue during 2024, a new state audit reports. Acknowledging that their conclusions should be interpreted as rough estimates because they rely on significant assumptions, state auditors reported that local government lost a $1 billion in revenue and the state didn’t collect $12 million in property tax revenue. The auditors noted that just a few of those exemptions are were for economic development projects. The auditors found that between 6% and 42% of Kansas counties’ real property was exempt. Eighty three of the state’s 105 counties [...]