KRS 137.160: Valuation of oil for assessment by Department of Revenue -- Notice --

Appeal.

(1) When the Department of Revenue has received the reports provided for in KRS

137.130, it shall, upon such reports and such other reports and information as it may

secure, assess the value of all grades or kinds of crude petroleum reported for each

month.

(2) Where the report shows no sale of crude petroleum during the month covered by the

report, the market value of crude petroleum on the first business day after the tenth

day of the month in which the report is made shall be fixed by the department as the

assessed value of all crude petroleum covered by the report. Where the report shows

that all crude petroleum reported has been sold during the month covered by t he

report, the market price of such crude petroleum on each day of sale shall be the

assessed value of all crude petroleum sold on that date of sale, and the total amount

of the tax to be reported as the assessment on the report shall be the total of the

assessments made on such sales. If the report shows that part of the crude petroleum

reported has been sold and part remains unsold, the market price of the crude

petroleum on the first business day after the tenth day of the month following the

month covered by the report shall be fixed as the assessed value of the portion of

the crude petroleum unsold, the market price of the crude petroleum on each day of

sale shall be the assessed value of the portion sold, and the total amount of the tax

to be reported as the assessment on the report shall be the total of the assessments

made on the sold and unsold crude petroleum. The department, in making its

assessments, shall take into consideration transportation charges.

(3) The department shall, by the last day of the month in which the reports are required

to be made, notify each transporter of his or her assessment, and certify the

assessment to the county clerk of each county that has reported the levy of a county

tax under KRS 137.150. The county clerk shall im mediately deliver a copy thereof

to the sheriff for collection of the county tax. The transporter so notified of the

assessment shall have the right to an appeal to the Board of Tax Appeals pursuant to

KRS 49.220.