KRS 133.250: Sales -assessment ratio studies -- Revaluation of property -- Publication in

each county of the percentage of fair cash value attainment -- Underassessment

audit.

(1) The department shall conduct sales -assessment ratio studies for each county and

shall submit the ratio to each property valuation administrator by September 1 of

each year or within thirty (30) days of submission of the property valuation

administrator's final recapitulation to the department as provided for in KRS

133.125, whichever date is later. Randomly selected sample appraisals shall be

conducted by the department for each class of real property in each county no less

than once every two (2) years to supplement sales data used in the assessment ratio

study and to verify and enhance th e statistical validity of the ratio study in

determining measures of central tendency and variation.

(2) The property valuation administrator shall begin revaluation of property in his or

her county, in preparation for the following year's property assessment, immediately

following submission of the final recapitulation to the department as provided for in

KRS 133.125.

(3) By January 30 of each year, the department shall cause to be published in the

newspaper of largest circulation in each county, a listing of the percentage of fair

cash value attainment of real property assessments as calculated by assessment ratio

studies which shall be conducted by the Department of Revenue.

(4) The department shall conduct a special audit to determine the presence or abs ence

of chronic underassessment, as defined in KRS 132.486, in any county for which

the sales -assessment ratio studies conducted under the provisions of this section

indicate a ratio below eighty percent (80%) for two (2) consecutive calendar years.

The audit may be conducted through the use of randomly selected sample appraisals

or other means reasonably calculated to present an accurate determination of

assessment practices in the county.