{"data":{"id":"us-ky/krs-132.220","jurisdiction":"us-ky","citation":"KRS 132.220","heading":"Assessment dates -- Listing -- Owner -- Liability -- Exemptions, listing,","body":"annual review.\n(1) (a) All taxable property and all interests in taxable property, unless otherwise\nspecifically provided by law, shall be listed, assessed, and valued as  of\nJanuary 1 of each year.\n(b) 1. It shall be the duty of the holder of the first freehold estate in any real\nproperty taxable in this state to list or have listed the property with the\nproperty valuation administrator of the county where it is located\nbetween January 1 and March 1 in each year, except as otherwise\nprovided by law.\n2. a. It shall be the duty of all persons owning any tangible personal\nproperty taxable in this state to list or have listed the property, by\nthe address at which it is located,  with the property valuation\nadministrator of the county of taxable situs or with the department\nbetween January 1 and May 15 in each year, except as provided by\nsubdivision b. of this subparagraph or otherwise prescribed by law.\nb. On January 1 of each year, for each address, if the sum of all of the\ntaxable tangible personal property's fair cash values is one\nthousand dollars ($1,000) or less, the taxpayer shall not be required\nto list the property in accordance with subdivision a. of this\nsubparagraph.\nc. On January 1 of each year, for each address, if the sum of all of the\ntaxable tangible personal property's fair cash values exceeds one\nthousand dollars ($1,000) and the property is not listed as required\nby subdivision a. of this subparagraph, the prope rty shall be\ndeemed omitted property in accordance with KRS 132.290.\nd. For any taxable tangible personal property that is not listed due to\nthe one thousand dollar ($1,000) threshold established in\nsubdivision b. of this subparagraph, the owner of the property shall\nmaintain records of the property and its fair cash value calculation\nfor five (5) years after the expiration of the listing period.\n3. The holder of legal title, the holder of equitable title, and the claimant or\nbailee in possession of the pro perty on the assessment date as provided\nby law shall be liable for the taxes thereon, and the property may be\nassessed in any of their names. But, as between them, the holder of the\nequitable title shall pay the taxes thereon, whether or not the property is\nin his or her possession at the time of payment.\n4. All persons in whose name property is properly assessed shall remain\nbound for the tax, notwithstanding they may have sold or parted with it.\n(2) Any taxpayer may list his or her property in person bef ore the property valuation\nadministrator or his deputy, or may file a property tax return by first class mail. Any\nreal property correctly and completely described in the assessment record for the\nprevious year, or purchased during the preceding year and f or which a value was\nstated in the deed according to the provisions of KRS 382.135, may be considered\nby the owner to be listed for the current year if no changes that could potentially\naffect the assessed value have been made to the property. However, if requested in\nwriting by the property valuation administrator or by the department, any real\nproperty owner shall submit a property tax return to verify existing information or\nto provide additional information for assessment purposes. Any real property whi ch\nhas been underassessed as a result of the owner intentionally failing to provide\ninformation, or intentionally providing erroneous information, shall be subject to\nrevaluation, and the difference in value shall be assessed as omitted property under\nthe provisions of KRS 132.290.\n(3) If the owner fails to list the property, the property valuation administrat or shall\nnevertheless assess it. The property valuation administrator may swear witnesses in\norder to ascertain the person in whose name to make the list. The property valuation\nadministrator, his or her employee, or employees of the department may physica lly\ninspect, or inspect using any other method approved by the department, and revalue\nland and buildings in the absence of the property owner or resident. The exterior\ndimensions of buildings may be measured and building photographs may be taken;\nhowever, with the exception of buildings under construction or not yet occupied, an\ninterior inspection of residential and farm buildings, and of the nonpublic portions\nof commercial buildings shall not be conducted in the absence or without the\npermission of the owner or resident.\n(4) Real property shall be assessed in the name of the owner, if ascertainable by the\nproperty valuation administrator, otherwise in the name of the occupant, if\nascertainable, and otherwise to \"unknown owner.\" The undivided real estate of any\ndeceased person may be assessed to the heirs or devisees of the person without\ndesignating them by name.\n(5) (a) Real property tax roll entries for which tax bills have not been collected at the\nexpiration of the one (1) year tolling period provided for in KRS 134.546, and\nfor which the property valuation administrator cannot physically locate and\nidentify the real property, shall be deleted from the tax roll and the assessment\nshall be exonerated.\n(b) The property valuation administrator shall keep a record of these exonerations,\nwhich shall be open under the provisions of KRS 61.870 to 61.884.\n(c) If, at any time, one of these entries is determined to represent a valid parcel of\nproperty it shall be assessed as omitted property under the provisions of KRS\n132.290.\n(d) Notwithstanding other provisions of the Kentucky Revised Statutes to the\ncontrary, any loss of ad valorem tax revenue suffered by a taxing district due\nto the exoneration of these uncollectable tax bills may be recovered through\nan adjustment in the tax rate for the following year.\n(6) All real property exempt from taxation by Section 170 of the Constitution shall be\nlisted with the property valuation administrator in the same manner and at the same\ntime as taxable real property. The property valuation administrator shall maintain an\ninventory record of the tax-exempt property, but the property shall not be placed on\nthe tax rolls. A copy of this tax -exempt inventory shall be filed annually with the\ndepartment within thirty (30) days of t he close of the listing period. This inventory\nshall be in the form prescribed by the department. The department shall make an\nannual report itemizing all exempt properties to the Governor and the Legislative\nResearch Commission within sixty (60) days of the close of the listing period.\n(7) Each property valuation administrator, under the direction of the department, shall\nreview annually all real property listed with him or her under subsection (6) of this\nsection and claimed to be exempt from taxation by Section 170 of the Constitution.\nThe property valuation administrator shall place on the tax rolls all property that is\nnot exempt. Any property valuation administrator who fails to comply with this\nsubsection shall be subject to the penalties prescribed in KRS 132.990(2).","path":["KRS Chapter 132"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=49164","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:23Z","sha256":"da95fe185a6060b88e69bb46077ba81ed78c510af84ea82f8c66d2ed1f6f34b5","source_id":"us-ky","stale":false,"prev":"us-ky/krs-132.216","next":"us-ky/krs-132.225"},"notice":"GroundRules: Original legal text. Not legal advice."}