KRS 99.605: Applications for moratorium certificates -- Extensions -- Lapsing of

certificates -- Transfers.

(1) Any owner of an existing residential building, or any owner or lessee of a

commercial facility, may make application to the administering agency for a

property assessment or reassessment moratorium certificate. The application shall

be filed within thirty (30) days before commencing restoration, repair,

rehabilitation, or stabilization and shall be filed in a manner prescribed by the

administering agency and on a form prescribed by the Department of Revenue. The

application shall contain or be accompanied by a general description of the property

and a general description of the proposed use of the property, the general nature and

extent of the restoration, repair, rehabilitation, or stabilization to be undertaken and

a time schedule for undertaking and completing the project. If the property is a

commercial facility, the application shall in addition, be accompanied by a

descriptive list of the fixed buildi ng equipment which will be a part of the facility

and a statement of the economic advantages expected from the moratorium,

including expected construction employment.

(2) Except as otherwise provided herein, the property valuation administrator, or other

assessing official, and the administering agency shall maintain a record of all

applications for a property assessment or reassessment moratorium and shall assess

or reassess the property within thirty (30) days of receipt of the application. The

administering agency shall issue a moratorium certificate only after completion of

the project. The applicant shall notify the administering agency when the project is

complete and the administering agency shall then conduct an on -site inspection of

the property for purposes of verifying improvements.

(3) The applicant shall have two (2) years in which to complete the improvement unless

granted an extension by the administering agency. In no case shall the application

be extended beyond two (2) additional years. This provision shall not preclude

normal reassessment of the subject property.

(4) Any application for an assessment or reassessment moratorium not acted upon by

the applicant shall become void two (2) years from the date of application and shall

be purged from the files of the administering agency.

(5) An assessment or reassessment moratorium certificate may be transferred or

assigned by the holder of the certificate to a new owner or lessee of the property.