{"data":{"id":"us-ky/krs-136.1804","jurisdiction":"us-ky","citation":"KRS 136.1804","heading":"Notification of assessed value of watercraft -- Protest -- Tax rates --","body":"Distribution of tax receipts -- Administrative fee.\n(1) The department shall notify the corporation of the assessed value of its watercraft\neach year, as soon as possible after rates set by local authorities are provided to the\ndepartment. The corporation shall have sixty (60) days from the date of the\ndepartment's notice of assessment to protest as provided by KRS 131.110.\n(2) No appeal shall delay the collection or paymen t of taxes based upon the assessment\nin controversy. The corporation shall pay to the department all state and local taxing\ndistrict taxes due on the undisputed value of its watercraft as stated in the protest\nfiled under KRS 131.110. When the valuation is finally determined upon appeal, the\ncorporation shall be billed for any additional tax and interest at the tax interest rate\nas defined in KRS 131.010(6) from the date the tax would have become due if the\nassessment had not been appealed. The provisions of KRS 134.015(6) shall apply to\nthe tax bill.\n(3) The state and local taxing district taxes on the watercraft are due sixty (60) days\nfrom the date of notice of assessment. The tangible property taxes on watercraft\nshall be collected in accordance with the provisions of KRS Chapter 134.\n(4) The state rate of taxation on watercraft shall be forty -five cents ($0.45) upon each\none hundred dollars ($100) of assessed value of the watercraft.\n(5) The department shall annually calculate an aggregate local rate, wh ich shall be\nimposed upon each one hundred dollars ($100) of assessed value of the watercraft.\n(a) The aggregate local rate shall be the sum of each local personal property tax\nrate for each local taxing district multiplied by a fraction, the numerator of\nwhich shall be the length of the navigable waterways in the local taxing\ndistrict and the denominator of which shall be the total of the length of all\nnavigable waterways in this state. Both the numerator and the denominator\nshall be adjusted, if necessary, by paragraph (b) of this subsection.\n(b) For purposes of computing the local property tax rate in paragraph (a) of this\nsection, the length of the navigable waterways of the Green River shall be\nreduced by fifty percent (50%) and the length of the naviga ble waterways of\nthe Kentucky River shall be reduced by seventy-five percent (75%).\n(6) The watercraft taxes collected for local taxing districts by the department shall be\ndistributed to each local taxing district based upon the local taxing district's\nfractional portion of the amount calculated in subsection (5) of this section.\n(7) Prior to distribution of taxes to local taxing districts, the department shall retain an\nadministrative fee of one percent (1%) of the amount due each district. The fee\nimposed by this subsection shall have no effect upon the discount provided to\ntaxpayers pursuant to KRS 134.015.","path":["KRS Chapter 136"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=47418","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:27Z","sha256":"61b06f258dc231380906e93dec342218d79d18c79217f478c12110baa7a2947b","source_id":"us-ky","stale":false,"prev":"us-ky/krs-136.1803","next":"us-ky/krs-136.1805"},"notice":"GroundRules: Original legal text. Not legal advice."}