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132.190 Property subject to taxation -- Situs.
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All property shall be subject to taxation, unless it is exempted by the
Constitution or in the case of personal property unless it is exempted by the
Constitution or by statute. Twenty-five (25) domestic fowl to each family shall
be exempt from taxation for any purpose.
All intangible personal property of corporations organized under the laws of this
state, unless it has acquired a business situs without this state, shall be
considered and estimated in fixing the valuation of corporate franchises.
Property shall be assessed for taxation at its fair cash value, estimated at the
price it would bring at a fair voluntary sale, except: real property qualifying for
an assessment moratorium shall not have its fair cash value assessment
changed while under the assessment moratorium unless the assessment
moratorium expires or is otherwise canceled or revoked.
Nothing contained in this section shall affect the liability for franchise taxes
payable by corporations organized under the laws of this state; nor the method
of taxation of financial institutions provided in KRS 136.505; nor the method of
taxation of savings and loan associations provided in KRS 136.300.
Effective:January 1, 2006
History: Amended 2005 Ky. Acts ch. 168, sec. 56, effective January 1, 2006. -Amended 2000 Ky. Acts ch. 274, sec. 1, effective July 14, 2000. -- Amended
1996 Ky. Acts ch. 254, sec. 25, effective July 15, 1996. -- Repealed and
reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 320, effective July 13, 1990.
--Amended 1982 Ky. Acts ch. 141, sec. 58, effective July 1, 1982; and ch. 327,
sec. 6, effective July 15, 1982. -- Amended 1966 Ky. Acts ch. 255, sec. 127. -Amended 1960 Ky. Acts ch. 186, Art. I, sec. 3. -- Amended 1948 Ky. Acts
ch. 33, sec. 1. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1,
1942, from Ky. Stat. sec. 4019a-5, 4020, 4020a-1, 4023.
Note: 1980 Ky. Acts ch. 396, sec. 63 would have amended this section effective
July 1, 1982. However, 1980 Ky. Acts ch. 396 was repealed by 1982 Ky. Acts
ch. 141, sec. 146, also effective July 1, 1982.
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