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136.1804 Notification of assessed value of watercraft -- Protest -- Tax rates -Distribution of tax receipts -- Administrative fee.
(1)
(2)
(3)
(4)
(5)
(6)
(7)
The department shall notify the corporation of the assessed value of its
watercraft each year, as soon as possible after rates set by local authorities are
provided to the department. The corporation shall have forty-five (45) days
from the date of the departments notice of assessment to protest as provided
by KRS 131.110.
No appeal shall delay the collection or payment of taxes based upon the
assessment in controversy. The corporation shall pay to the department all
state and local taxing district taxes due on the undisputed value of its
watercraft as stated in the protest filed under KRS 131.110. When the valuation
is finally determined upon appeal, the corporation shall be billed for any
additional tax and interest at the tax interest rate as defined in KRS 131.010(6)
from the date the tax would have become due if the assessment had not been
appealed. The provisions of KRS 134.015(6) shall apply to the tax bill.
The state and local taxing district taxes on the watercraft are due forty-five (45)
days from the date of notice of assessment. The tangible property taxes on
watercraft shall be collected in accordance with the provisions of KRS Chapter
134.
The state rate of taxation on watercraft shall be forty-five cents ($0.45) upon
each one hundred dollars ($100) of assessed value of the watercraft.
The department shall annually calculate an aggregate local rate, which shall be
imposed upon each one hundred dollars ($100) of assessed value of the
watercraft.
(a) The aggregate local rate shall be the sum of each local personal property
tax rate for each local taxing district multiplied by a fraction, the numerator
of which shall be the length of the navigable waterways in the local taxing
district and the denominator of which shall be the total of the length of all
navigable waterways in this state. Both the numerator and the
denominator shall be adjusted, if necessary, by paragraph (b) of this
subsection.
(b) For purposes of computing the local property tax rate in paragraph (a) of
this section, the length of the navigable waterways of the Green River
shall be reduced by fifty percent (50%) and the length of the navigable
waterways of the Kentucky River shall be reduced by seventy-five percent
(75%).
The watercraft taxes collected for local taxing districts by the department shall
be distributed to each local taxing district based upon the local taxing district's
fractional portion of the amount calculated in subsection (5) of this section.
Prior to distribution of taxes to local taxing districts, the department shall retain
an administrative fee of one percent (1%) of the amount due each district. The
fee imposed by this subsection shall have no effect upon the discount provided
to taxpayers pursuant to KRS 134.015.
Effective:January 1, 2010
History: Amended 2009 Ky. Acts ch. 10, sec. 48, effective January 1, 2010; and
ch. 52, sec. 3, effective June 25, 2009. -- Created 2006 Ky. Acts ch. 169, sec. 4,
effective January 1, 2008.
Legislative Research Commission Note (1/1/2010). This section was amended
by 2009 Ky. Acts chs. 10 and 52, which do not appear to be in conflict and have
been codified together.
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