KRS 132.028 — Rate on business inventories levied by a city or urban-county government -- Exception

(1) Subject to the provisions of KRS 132.027, a city or urban -county government may
levy a rate on business inventories equal to or less than the prevailing rate of
taxation on other tangible personal property in the respective city or urban -county
government.
(2) The tangible personal property tax shall not be levied upon:
(a) The inventories of licensed motor vehicle dealers, including licensed motor
vehicle auction dealers; or
(b) Motor vehicles that are in the possession of a licensed motor vehicle dealer,
including licensed motor vehicle auction dealers, for sale, although ownership
has not been transferred to the dealer.