{"data":{"id":"us-ky/krs-132.320","jurisdiction":"us-ky","citation":"KRS 132.320","heading":"Listing of omitted property with department -- Appeal - Collection and","body":"distribution of tax -- Deduction of fee from distribution.\n(1) Any person who has failed to list for taxation tangible personal property, in whole\nor in part, because he was not called upon by the property valuation administrator or\nfor any other reason, may at any time list the property with the department by\nreporting to the department the full details and a correct description of the omitted\nproperty and its value. The department  may determine and fix the fair cash value,\nestimated at the price it would bring at a fair voluntary sale, of the property so\nreported and listed for taxation.\n(2) Any person dissatisfied with or aggrieved by the finding or ruling of the department\nmay appeal the finding or ruling in the manner provided in KRS 131.110.\n(3) The department may promulgate administrative regulations, and develop forms for\nthe listing and assessment of the property assessed or to be assessed for taxation.\nThe tax assessed shall  be paid to and collected by the department. Taxes collected\nby the department on behalf of the county, school, and other local taxing districts\nshall be distributed to each district at least quarterly. From each distribution, the\ndepartment shall deduct a  fee which represents an allocation of department\noperating and overhead expenses incurred in assessing and collecting the omitted\ntax. The fee shall be determined by the department and shall apply to all omitted\ntaxes collected after December 31, 1997.\n(4) All property assessed pursuant to this section shall be liable for the payment of the\ntaxes, interest, and penalties provided by law for failure to list the property with the\nproperty valuation administrator or other assessment board, commission, or\nauthority within the time and in the manner prescribed by law, except that if the\ntaxpayer voluntarily lists property under this section the twenty percent (20%)\npenalty provided to be paid to the department shall not apply, unless the taxpayer on\nan appeal from the action of the department attempts to reduce the assessment and\nis unsuccessful.\n(5) If after demand by the department, any taxpayer refuses to voluntarily list any\ntangible personal property omitted from assessment, the department shall make an\nestimate of the fair cash value of the omitted tangible personal property from the\ninformation in its possession and assess the property for taxation and require\npayment of the taxes, penalties, and interest due to the state and local taxing\ndistricts from the  person assessed. Notice of the assessment shall be mailed to the\ntaxpayer or the taxpayer's agent. The finality and review of any assessment made\npursuant to this section shall be governed by the provisions of KRS 131.110.","path":["KRS Chapter 132"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=28258","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:23Z","sha256":"50052715d927d313efafbbd88a55b72f723cdde3263fca0737f1960496e4d12a","source_id":"us-ky","stale":false,"prev":"us-ky/krs-132.310","next":"us-ky/krs-132.330"},"notice":"GroundRules: Original legal text. Not legal advice."}