65.948 Leased property exempt from state and local taxation. - Kentucky Statutes

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65.948 Leased property exempt from state and local taxation. A governmental agency shall be considered the equitable owner of any personal or real
property leased under KRS 65.940 to 65.956 where the property is used solely for public
purposes, unless the governmental agency is vested with legal ownership pursuant to
KRS 65.952. Personal or real property which is equitably or legally owned by a
governmental agency shall be exempt from all taxation by the Commonwealth and any of
its political subdivisions. Leases and interests therein and payments received by lessors or
their assigns which are identified as interest shall be exempt from taxation by the
Commonwealth and any of its political subdivisions to the same extent as bonds or notes
issued by the Commonwealth and any governmental agency. Effective: July 13, 1990
History: Created 1990 Ky. Acts ch. 81, sec. 5, effective July 13, 1990.