132.360 Reopening and increase of assessment -- Notice -- Protest -- Certification.

152 words·~1 min read·/ky/chapter-132/132-360

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

(1)Any assessment of tangible personal property listed with the property valuation

administrator or with the department as provided by KRS 132.220 may be reopened

by the department within five

(5)years after the due date of the return, unless the

assessed value has been established by a court of competent jurisdiction. If upon

reopening the assessment the department finds that the assessment was less than the

fair cash value and should be increased, it shall provide notice to the taxpayer. If the

taxpayer disagrees with the increase in the assessment, the taxpayer may protest the

notice in accordance with KRS 131.110.

(2)Upon the assessment becoming final, the department shall certify the amount due to

the taxpayer. The tax bill shall be handled and collected as an omitted tax bill, and

the additional tax shall be subject to the same penalties and interest as the tax on

omitted property voluntarily listed.