132.220 Assessment dates -- Listing -- Owner -- Liability -- Exemptions, listing, annual review. - Kentucky Statutes

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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. It shall be the duty of all persons owning any tangible personal property
taxable in this state to list or have listed the property 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
otherwise prescribed by law. 3. 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 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). Effective: January 1, 2010
History: Amended 2009 Ky. Acts ch. 10, sec. 36, effective January 1, 2010. -- Amended 2005 Ky. Acts ch. 85, sec. 183, effective June 20, 2005; and ch. 168,
sec. 59, effective January 1, 2006. -- Amended 2000 Ky. Acts ch. 327, sec. 4,
effective July 14, 2000. -- Amended 1998 Ky. Acts ch. 209, sec. 1, effective March
30, 1998. -- Amended 1996 Ky. Acts ch. 254, sec. 27, effective July 15, 1996. --
Amended 1994 Ky. Acts ch. 423, sec. 3, effective July 15, 1994. -- Amended 1992
Ky. Acts ch. 263, sec. 2, effective July 14, 1992. -- Repealed and reenacted 1990 Ky.
Acts ch. 476, Pt. V, sec. 326, effective July 13, 1990. -- Amended 1988 Ky. Acts
ch. 303, sec. 1, effective July 15, 1988. -- Amended 1986 Ky. Acts ch. 371, sec. 2,
effective July 15, 1986; ch. 459, sec. 1, effective July 15, 1986; and ch. 496, sec. 1,
effective August 1, 1986. -- Amended 1984 Ky. Acts ch. 85, sec. 1, effective July 13,
1984. -- Amended 1982 Ky. Acts ch. 46, sec. 1, effective July 15, 1982. -- Amended
1968 Ky. Acts ch. 189, sec. 1. -- Amended 1962 Ky. Acts ch. 29, sec. 1. -- Amended
1960 Ky. Acts ch. 186, Art. I, sec. 5. -- Amended 1949 (1st Extra Sess.) Ky. Acts ch. 4, sec. 7. -- Amended 1948 Ky. Acts ch. 95, sec. 3. -- Amended 1942 Ky. Acts
ch. 131, secs. 7 and 32. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective
October 1, 1942, from Ky. Stat. sec. 4024, 4025, 4042a-13, 4049, 4052.