132.486 Assessment system for tangible personal property -- Administrative

213 words·~1 min read·/ky/132-486

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

regulations -- Appeals -- Effect of appeal on payment of taxes.

(1)The Department of Revenue shall develop and administer a centralized ad valorem

assessment system for tangible personal property. This system shall be designed to

provide on-line computer terminals and accessory equipment in every property

valuation administrator's office in the state in order to create and maintain a

centralized personal property tax roll database.

(2)Appeals of personal property assessments shall not be made to the county board of

assessment appeals. Personal property taxpayers shall be served notice under the

provisions of KRS 132.450(4) and shall have the protest and appeal rights granted

under the provision of KRS 131.110.

(3)No appeal shall delay the collection or payment of taxes based upon the assessment

in controversy. The taxpayer shall pay all state, county, and district taxes due on the

valuation which the taxpayer claims as the true value as stated in a protest filed

under KRS 131.110. When the valuation is finally determined upon appeal, the

taxpayer 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 no

appeal had been taken. The provisions of KRS 134.015(6) shall apply to the tax bill.