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At first blush, tax appraisals may represent a beneficial value for
debtors filing bankruptcy. Under current law, the Kansas Homestead Exemption Act
authorizes debtors in bankruptcy to claim up to one urban acre or 160
rural acres as exempt without limitation on value.
Yet in practice, a new federal law recently preempted the State of Kansas homestead exemption law,
and now places a maximum value for acreage claimed. At present, the
maximum value is $125,000, and may be adjusted from time to time based
on variations in the consumer price index. For land owners possessing
multiple tracts of land, the Kansas homestead exemption form allows
formal designation of one contiguous tract.
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