136.1804 Notification of assessed value of watercraft -- Protest -- Tax rates -- Distribution of tax receipts -- Administrative fee. - Kentucky Statutes

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Page 1 of 2 136.1804 Notification of assessed value of watercraft -- Protest -- Tax rates -- Distribution of tax receipts -- Administrative fee. (1) The department shall notify the corporation of the assessed value of its watercraft each year, as soon as possible after rates set by local authorities are provided to the
department. The corporation shall have forty-five (45) days from the date of the
department's notice of assessment to protest as provided by KRS 131.110. (2) No appeal shall delay the collection or payment of taxes based upon the assessment in controversy. The corporation shall pay to the department all state and local taxing
district taxes due on the undisputed value of its watercraft as stated in the protest
filed under KRS 131.110. When the valuation is finally determined upon appeal, the
corporation shall be billed for any additional tax and interest at the tax interest rate
as defined in KRS 131.010(6) from the date the tax would have become due if the
assessment had not been appealed. The provisions of KRS 134.015(6) shall apply to
the tax bill. (3) The state and local taxing district taxes on the watercraft are due forty-five (45) days from the date of notice of assessment. The tangible property taxes on
watercraft shall be collected in accordance with the provisions of KRS Chapter 134. (4) The state rate of taxation on watercraft shall be forty-five cents ($0.45) upon each one hundred dollars ($100) of assessed value of the watercraft. (5) The department shall annually calculate an aggregate local rate, which shall be imposed upon each one hundred dollars ($100) of assessed value of the watercraft.
(a) The aggregate local rate shall be the sum of each local personal property tax rate for each local taxing district multiplied by a fraction, the numerator of
which shall be the length of the navigable waterways in the local taxing
district and the denominator of which shall be the total of the length of all
navigable waterways in this state. Both the numerator and the denominator
shall be adjusted, if necessary, by paragraph (b) of this subsection. (b) For purposes of computing the local property tax rate in paragraph (a) of this section, the length of the navigable waterways of the Green River shall be
reduced by fifty percent (50%) and the length of the navigable waterways of
the Kentucky River shall be reduced by seventy-five percent (75%). (6) The watercraft taxes collected for local taxing districts by the department shall be distributed to each local taxing district based upon the local taxing district's
fractional portion of the amount calculated in subsection (5) of this section. (7) Prior to distribution of taxes to local taxing districts, the department shall retain an administrative fee of one percent (1%) of the amount due each district. The fee
imposed by this subsection shall have no effect upon the discount provided to
taxpayers pursuant to KRS 134.015. Effective: January 1, 2010
History: Amended 2009 Ky. Acts ch. 10, sec. 48, effective January 1, 2010; and ch. 52, sec. 3, effective June 25, 2009. -- Created 2006 Ky. Acts ch. 169, sec. 4, effective
January 1, 2008. Page 2 of 2 Legislative Research Commission Note (1/1/2010). This section was amended by 2009 Ky. Acts chs. 10 and 52, which do not appear to be in conflict and have been codified
together.