2013 Kentucky Revised Statutes CHAPTER 133 - SUPERVISION, EQUALIZATION, AND REVIEW OF ASSESSMENTS 133.250 Sales-assessment ratio studies -- Revaluation of property -- Publication in each county of the percentage of fair cash value attainment -- Underassessment audit.
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133.250 Sales-assessment ratio studies -- Revaluation of property -Publication in each county of the percentage of fair cash value attainment
-- Underassessment audit.
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The department shall conduct sales-assessment ratio studies for each county
and shall submit the ratio to each property valuation administrator by
September 1 of each year or within thirty (30) days of submission of the
property valuation administrator's final recapitulation to the department as
provided for in KRS 133.125, whichever date is later. Randomly selected
sample appraisals shall be conducted by the department for each class of real
property in each county no less than once every two (2) years to supplement
sales data used in the assessment ratio study and to verify and enhance the
statistical validity of the ratio study in determining measures of central tendency
and variation.
The property valuation administrator shall begin revaluation of property in his
or her county, in preparation for the following year's property assessment,
immediately following submission of the final recapitulation to the department
as provided for in KRS 133.125.
By January 30 of each year, the department shall cause to be published in the
newspaper of largest circulation in each county, a listing of the percentage of
fair cash value attainment of real property assessments as calculated by
assessment ratio studies which shall be conducted by the Department of
Revenue.
The department shall conduct a special audit to determine the presence or
absence of chronic underassessment, as defined in KRS 132.486, in any
county for which the sales-assessment ratio studies conducted under the
provisions of this section indicate a ratio below eighty percent (80%) for two (2)
consecutive calendar years. The audit may be conducted through the use of
randomly selected sample appraisals or other means reasonably calculated to
present an accurate determination of assessment practices in the county.
Effective:January 1, 2010
History: Amended 2009 Ky. Acts ch. 10, sec. 45, effective January 1, 2010. -Amended 2005 Ky. Acts ch. 85, sec. 246, effective June 20, 2005. -- Amended
1988 Ky. Acts ch. 418, sec. 7, effective July 15, 1988. -- Amended 1980 Ky.
Acts ch. 317, sec. 9, effective July 15, 1980. -- Created 1979 (1st Extra. Sess.)
Ky. Acts ch. 25, sec. 10, effective February 13, 1979.
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