132.290 Omitted property, what constitutes -- Periods within which it may be

330 words·~2 min read·/ky/132-290

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

assessed retroactively -- Penalties and interest.

(1)Any real property which has not been listed for taxation, for any year in which it is

taxable, by the time the board of assessment appeals completes its work for that

year shall be deemed omitted property. Any personal property which has not been

listed for taxation, for any year in which it is taxable, by the due date of that year

shall be deemed omitted property.

(2)All omitted property shall be assessed retroactively in the manner provided by law

at any time within five

(5)years from the date when it became omitted, but the lien

thereby accruing on any such property, except real property, shall not prejudice the

rights of bona fide purchasers acquired in the meantime.

(3)All omitted property voluntarily listed shall be subject to a penalty of ten percent

(10%) of the amount of taxes, and interest at the tax interest rate as defined in KRS

131.010(6) from the date when the taxes would have become delinquent had the

property been listed as required by law, until the date the tax bill is paid.

(4)All omitted property not voluntarily listed shall be subject to a penalty of twenty

percent (20%) of the amount of taxes, and interest at the tax interest rate as defined

in KRS 131.010(6) from the date when the taxes would have become delinquent

had the property been listed as required by law, until the date the tax bill is paid.

(5)When the property is assessed retroactively by action prosecuted in the manner

provided by KRS 132.330 and 132.340, an additional penalty of twenty percent

(20%) of the amount of the original tax, interest and penalty may be collected for

the purpose provided in KRS 134.552 and paid into the State Treasury. All other

penalties and interest shall be distributed in the same manner as the tax.

(6)Taxes on omitted property shall be due and payable as provided in KRS 134.015.