132.690 Annual revaluation of real property -- Quadrennial examination of real
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/ky/132-690A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
property -- Methods of examination -- Emergency revaluation.
(a)Each parcel of taxable real property or interest therein subject to assessment
by the property valuation administrator shall be revalued during each year of
each term of office by the property valuation administrator at its fair cash
value in accordance with standards and procedures prescribed by the
department and shall be examined no less than once every four
(4)years by
the property valuation administrator.
(b)For any real property upon which any improvements have been made since the
prior examination, the property valuation administrator or his or her deputy
shall perform an on-site, in-person visual examination of the real property and
the improvements. The examination shall be conducted in a manner approved
by the department and for the purpose of gathering any necessary information
related to the characteristics of the real property and the improvements for
purposes of assessing their value. Any subsequent examination of the real
property for purposes of assessing its value by the property valuation
administrator or his or her deputy shall be performed by:
1. On-site, in-person visual examination;
2. Use of digital imaging technology as defined by the International
Association of Assessing Officers Standard on Mass Appraisal of Real
Property; or
3. Any other examination method approved by the department.
(c)In accordance with standards and procedures prescribed by the department, the
property valuation administrator shall submit an assessment schedule to the
department and shall maintain a record of the examination and revaluation for
each parcel of real property which shall include the inspection dates and any
other relevant information.
(2)The right of any individual to appeal the assessment on his property in any year as
provided in KRS 133.120 shall in no way be affected by this section.
(3)If the property valuation administrator fails to revalue property as required by this
section, the department shall have the authority to order an emergency revaluation
in the same manner as provided for emergency assessments by KRS 132.660. Any
property valuation administrator willfully violating the provisions of subsection
of this section or who refuses to comply with the directions of the department to
correct the assessment shall have his compensation suspended by the department
and shall be subject to removal from office as provided by KRS 132.370(4) and
shall be subject to the provisions of KRS 132.620 and 61.120.
(4)Nothing in this section shall prohibit action by the department under the provisions
of KRS 133.150 or 132.660 in any year in which the department determines such
action to be necessary.