132.028 Rate on business inventories levied by a city or urban-county government -
101 words·~1 min read·
/ky/132-028A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
- Exception.
(1)Subject to the provisions of KRS 132.027, a city or urban-county government may
levy a rate on business inventories equal to or less than the prevailing rate of
taxation on other tangible personal property in the respective city or urban-county
government.
(2)The tangible personal property tax shall not be levied upon:
(a)The inventories of licensed motor vehicle dealers, including licensed motor
vehicle auction dealers; or
(b)Motor vehicles that are in the possession of a licensed motor vehicle dealer,
including licensed motor vehicle auction dealers, for sale, although ownership
has not been transferred to the dealer.