KRS 132.190: Property subject to taxation -- Situs.

(1) All property shall be subject to taxation, unless it is exempted by the Constitution or

in the case of personal property unless it is exempted by the Constitution or by

statute. Twenty -five (25) domestic fowl to each family shall be exempt from

taxation for any purpose.

(2) All intangible personal property of corporations organized under the laws of this

state, unless it has acquired a business situs without this state, shall be considered

and estimated in fixing the valuation of corporate franchises.

(3) Property shall be assessed for taxation at its fair cash value, estimated at the price it

would bring at a fair voluntary sale, except: real property qualifying for an

assessment moratorium shall not have its fair cash value assessment changed while

under t he assessment moratorium unless the assessment moratorium expires or is

otherwise canceled or revoked.

(4) Nothing contained in this section shall affect the liability for franchise taxes payable

by corporations organized under the laws of this state.