2013 Kentucky Revised Statutes CHAPTER 132 - LEVY AND ASSESSMENT OF PROPERTY TAXES 132.360 Reopening and increase of assessment -- Notice -- Protest -- Appeal.
Download as PDF
132.360 Reopening and increase of assessment -- Notice -- Protest -- Appeal.
(1)
(2)
Any assessment of tangible personal property listed with the property valuation
administrator or with the Department of Revenue as provided by KRS 132.220
may be reopened by the Department of Revenue within five (5) years after the
due date of the return, unless the assessed value has been established by a
court of competent jurisdiction. If upon reopening the assessment the
department finds that the assessment was less than the fair cash value and
should be increased, it shall give notice thereof to the taxpayer, who may within
forty-five (45) days thereafter protest to the department and offer evidence to
show that no increase should be made. After the department has disposed of
the protest, the taxpayer may appeal from any such additional assessment as
provided by KRS 131.110 and 131.340.
Upon such assessment becoming final, the department shall certify the amount
due to the taxpayer. The tax bill shall be handled and collected as an omitted
tax bill, and the additional tax shall be subject to the same penalties and
interest as the tax on omitted property voluntarily listed.
Effective:January 1, 2006
History: Amended 2005 Ky. Acts ch. 168, sec. 63, effective January 1, 2006; and
ch. 85, sec. 192, effective June 20, 2005. -- Amended 2002 Ky. Acts ch. 89,
sec. 7, effective July 15, 2002. -- Amended 2000 Ky. Acts ch. 327, sec. 6,
effective July 14, 2000. -- Amended 1988 Ky. Acts ch. 303, sec. 5, effective July
15, 1988. -- Amended 1966 Ky. Acts ch. 255, sec. 128. -- Amended 1958 Ky.
Acts ch. 65, sec. 2. -- Amended 1954 Ky. Acts ch. 147, sec. 2. -- Amended 1949
(1st Extra. Sess.) Ky. Acts ch. 2, sec. 4. -- Recodified 1942 Ky. Acts ch. 208,
sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4019a-10a, 4019a-10d.
Legislative Research Commission Note (1/1/2006). This section was amended by
2005 Ky. Acts chs. 85 and 168, which do not appear to be in conflict and have
been codified together.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.