KRS § 132.220 — KY Code / Title XI / Chapter 132 / Section 132.220
132.220 Assessment dates -- Listing -- Owner -- Liability -- Exemptions, listing, annual review
Status: in_force

132.220 Assessment dates -- Listing -- Owner -- Liability -- Exemptions, listing,

annual review.

(1) (a) All taxable property and all interests in taxable property, unless otherwise

specifically provided by law, shall be listed, assessed, and valued as of

January 1 of each year.

(b) 1. It shall be the duty of the holder of the first freehold estate in any real

property taxable in this state to list or have listed the property with the

property valuation administrator of the county where it is located

between January 1 and March 1 in each year, except as otherwise

provided by law.

2. a. It shall be the duty of all persons owning any tangible personal

property taxable in this state to list or have listed the property, by

the address at which it is located, with the property valuation

administrator of the county of taxable situs or with the department

between January 1 and May 15 in each year, except as provided by

subdivision b. of this subparagraph or otherwise prescribed by law.

b. On January 1 of each year, for each address, if the sum of all of the

taxable tangible personal property's fair cash values is one

thousand dollars ($1,000) or less, the taxpayer shall not be required

to list the property in accordance with subdivision a. of this

subparagraph.

c. On January 1 of each year, for each address, if the sum of all of the

taxable tangible personal property's fair cash values exceeds one

thousand dollars ($1,000) and the property is not listed as required

by subdivision a. of this subparagraph, the property shall be

deemed omitted property in accordance with KRS 132.290.

d. For any taxable tangible personal property that is not listed due to

the one thousand dollar ($1,000) threshold established in

subdivision b. of this subparagraph, the owner of the property shall

maintain records of the property and its fair cash value calculation

for five (5) years after the expiration of the listing period.

3. The holder of legal title, the holder of equitable title, and the claimant or

bailee in possession of the property on the assessment date as provided

by law shall be liable for the taxes thereon, and the property may be

assessed in any of their names. But, as between them, the holder of the

equitable title shall pay the taxes thereon, whether or not the property is

in his or her possession at the time of payment.

4. All persons in whose name property is properly assessed shall remain

bound for the tax, notwithstanding they may have sold or parted with it.

(2) Any taxpayer may list his or her property in person before the property valuation

administrator or his deputy, or may file a property tax return by first class mail. Any

real property correctly and completely described in the assessment record for the

previous year, or purchased during the preceding year and for which a value was

stated in the deed according to the provisions of KRS 382.135, may be considered

by the owner to be listed for the current year if no changes that could potentially

affect the assessed value have been made to the property. However, if requested in

writing by the property valuation administrator or by the department, any real

property owner shall submit a property tax return to verify existing information or

to provide additional information for assessment purposes. Any real property which

has been underassessed as a result of the owner intentionally failing to provide

information, or intentionally providing erroneous information, shall be subject to

revaluation, and the difference in value shall be assessed as omitted property under

the provisions of KRS 132.290.

(3) If the owner fails to list the property, the property valuation administrator shall

nevertheless assess it. The property valuation administrator may swear witnesses in

order to ascertain the person in whose name to make the list. The property valuation

administrator, his or her employee, or employees of the department may physically

inspect, or inspect using any other method approved by the department, and revalue

land and buildings in the absence of the property owner or resident. The exterior

dimensions of buildings may be measured and building photographs may be taken;

however, with the exception of buildings under construction or not yet occupied, an

interior inspection of residential and farm buildings, and of the nonpublic portions

of commercial buildings shall not be conducted in the absence or without the

permission of the owner or resident.

(4) Real property shall be assessed in the name of the owner, if ascertainable by the

property valuation administrator, otherwise in the name of the occupant, if

ascertainable, and otherwise to "unknown owner." The undivided real estate of any

deceased person may be assessed to the heirs or devisees of the person without

designating them by name.

(5) (a) Real property tax roll entries for which tax bills have not been collected at the

expiration of the one (1) year tolling period provided for in KRS 134.546, and

for which the property valuation administrator cannot physically locate and

identify the real property, shall be deleted from the tax roll and the assessment

shall be exonerated.

(b) The property valuation administrator shall keep a record of these exonerations,

which shall be open under the provisions of KRS 61.870 to 61.884.

(c) If, at any time, one of these entries is determined to represent a valid parcel of

property it shall be assessed as omitted property under the provisions of KRS

132.290.

(d) Notwithstanding other provisions of the Kentucky Revised Statutes to the

contrary, any loss of ad valorem tax revenue suffered by a taxing district due

to the exoneration of these uncollectable tax bills may be recovered through

an adjustment in the tax rate for the following year.

(6) All real property exempt from taxation by Section 170 of the Constitution shall be

listed with the property valuation administrator in the same manner and at the same

time as taxable real property. The property valuation administrator shall maintain an

inventory record of the tax-exempt property, but the property shall not be placed on

the tax rolls. A copy of this tax-exempt inventory shall be filed annually with the

department within thirty (30) days of the close of the listing period. This inventory

shall be in the form prescribed by the department. The department shall make an

annual report itemizing all exempt properties to the Governor and the Legislative

Research Commission within sixty (60) days of the close of the listing period.

(7) Each property valuation administrator, under the direction of the department, shall

review annually all real property listed with him or her under subsection (6) of this

section and claimed to be exempt from taxation by Section 170 of the Constitution.

The property valuation administrator shall place on the tax rolls all property that is

not exempt. Any property valuation administrator who fails to comply with this

subsection shall be subject to the penalties prescribed in KRS 132.990(2).