{"data":{"id":"us-ky/krs-137.160","jurisdiction":"us-ky","citation":"KRS 137.160","heading":"Valuation of oil for assessment by Department of Revenue -- Notice --","body":"Appeal.\n(1) When the Department of Revenue has received the reports provided for in KRS\n137.130, it shall, upon such reports and such other reports and information as it may\nsecure, assess the value of all grades or kinds of crude petroleum reported for each\nmonth.\n(2) Where the report shows no sale of crude petroleum during the month covered by the\nreport, the market value of crude petroleum on the first business day after the tenth\nday of the month in which the report is made shall be fixed by the department as the\nassessed value of all crude petroleum covered by the report. Where the report shows\nthat all crude petroleum reported has been sold during the month covered by t he\nreport, the market price of such crude petroleum on each day of sale shall be the\nassessed value of all crude petroleum sold on that date of sale, and the total amount\nof the tax to be reported as the assessment on the report shall be the total of the\nassessments made on such sales. If the report shows that part of the crude petroleum\nreported has been sold and part remains unsold, the market price of the crude\npetroleum on the first business day after the tenth day of the month following the\nmonth covered by the report shall be fixed as the assessed value of the portion of\nthe crude petroleum unsold, the market price of the crude petroleum on each day of\nsale shall be the assessed value of the portion sold, and the total amount of the tax\nto be reported as the assessment on the report shall be the total of the assessments\nmade on the sold and unsold crude petroleum. The department, in making its\nassessments, shall take into consideration transportation charges.\n(3) The department shall, by the last day of  the month in which the reports are required\nto be made, notify each transporter of his or her assessment, and certify the\nassessment to the county clerk of each county that has reported the levy of a county\ntax under KRS 137.150. The county clerk shall im mediately deliver a copy thereof\nto the sheriff for collection of the county tax. The transporter so notified of the\nassessment shall have the right to an appeal to the Board of Tax Appeals pursuant to\nKRS 49.220.","path":["KRS Chapter 137"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=51509","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:28Z","sha256":"34940aafaa1fb7167c9496f42d4d9ecebf670304da9e3e99f986047270ed9ff0","source_id":"us-ky","stale":false,"prev":"us-ky/krs-137.150","next":"us-ky/krs-137.170"},"notice":"GroundRules: Original legal text. Not legal advice."}