132.310 Listing and assessment of omitted property -- Notice -- Appeal -- Penalties.

343 words·~2 min read·/ky/chapter-132/132-310

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

(1)Any person who has failed to list for taxation any property omitted from

assessment, except such as is subject to assessment by the Department of Revenue,

may at any time list such property with the property valuation administrator. The

property valuation administrator shall proceed to assess any omitted real property

and shall within ten

(10)days from the date the real property was listed notify the

taxpayer of the amount of the assessment. The notice shall be given as provided in

KRS 132.450(4). The Department of Revenue shall assess any omitted personal

property and provide notice to the taxpayer in the manner provided in KRS 131.110.

(2)The property valuation administrator may at any time list and assess any real

property which may have been omitted from the regular assessment. Immediately

upon listing and assessing omitted real property, the property valuation

administrator shall notify the taxpayer of the amount of the assessment. The notice

shall be given as provided in KRS 132.450(4). If the property valuation

administrator fails to assess any omitted real property, the Department of Revenue

may initiate assessment and collection procedures under the same provisions it uses

for omitted personal property.

(3)The notice to the taxpayer required by subsections

(1)and

(2)of this section shall

specify a date and time at which the county board of assessment appeals will hear

the taxpayer's protest of the omitted assessment. For purposes of hearing appeals

from omitted assessments the county judge/executive shall notify the chairman of

the board of assessment appeals of the date set for hearing and may authorize one

(1)member of the board to hear the appeal and issue a ruling of his decision on the

assessment, which shall be appealable, to the Board of Tax Appeals as provided by

KRS 49.220(3).

(4)Any property voluntarily listed as omitted property for taxation under this section

shall be subject to penalties provided in KRS 132.290(3). Omitted property listed

for taxation under this section by the property valuation administrator shall be

subject to the penalties provided in KRS 132.290(4).