132.310 Listing and assessment of omitted property -- Notice -- Appeal -- Penalties. - Kentucky Statutes

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132.310 Listing and assessment of omitted property -- Notice -- Appeal -- Penalties. (1) Any person who has failed to list for taxation any property omitted from assessment, except such as is subject to assessment by the Department of Revenue,
may at any time list such property with the property valuation administrator. The
property valuation administrator shall proceed to assess any omitted real property
and shall within ten (10) days from the date the real property was listed notify the
taxpayer of the amount of the assessment. The notice shall be given as provided in
KRS 132.450(4). The Department of Revenue shall assess any omitted personal
property and provide notice to the taxpayer in the manner provided in KRS 131.110. (2) The property valuation administrator may at any time list and assess any real property which may have been omitted from the regular assessment. Immediately
upon listing and assessing omitted real property, the property valuation
administrator shall notify the taxpayer of the amount of the assessment. The notice
shall be given as provided in KRS 132.450(4). If the property valuation
administrator fails to assess any omitted real property, the Department of Revenue
may initiate assessment and collection procedures under the same provisions it uses
for omitted personal property. (3) The notice to the taxpayer required by subsections (1) and (2) of this section shall specify a date and time at which the county board of assessment appeals will hear
the taxpayer's protest of the omitted assessment. For purposes of hearing appeals
from omitted assessments the county judge/executive shall notify the chairman of
the board of assessment appeals of the date set for hearing and may authorize one
(1) member of the board to hear the appeal and issue a ruling of his decision on the
assessment, which shall be appealable, to the Kentucky Board of Tax Appeals as
provided by KRS 131.340(2). (4) Any property voluntarily listed as omitted property for taxation under this section shall be subject to penalties provided in KRS 132.290(3). Omitted property listed
for taxation under this section by the property valuation administrator shall be
subject to the penalties provided in KRS 132.290(4). Effective: June 20, 2005
History: Amended 2005 Ky. Acts ch. 85, sec. 187, effective June 20, 2005. -- Amended 1992 Ky. Acts ch. 391, sec. 2, effective July 14, 1992. -- Amended 1988 Ky. Acts
ch. 303, sec. 3, effective July 15, 1988. -- Amended 1976 (1st Extra. Sess.) Ky. Acts
ch. 20, sec. 6, effective January 2, 1978. -- Amended 1974 Ky. Acts ch. 326, sec. 13.
-- Amended 1964 Ky. Acts ch. 141, sec. 39. -- Amended 1960 Ky. Acts ch. 186,
Art. I, secs. 8 and 32. -- Amended 1949 (1st Extra. Sess.) Ky. Acts ch. 2, sec. 3. --
Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat.
sec. 4064-1.