KRS 132.220 — Assessment dates -- Listing -- Owner -- Liability -- Exemptions, listing, annual review

(1) (a) All taxable property and all interests in taxable property, unless otherwise
specifically provided by law, shall be listed, assessed, and valued as of
January 1 of each year.
(b) 1. It shall be the duty of the holder of the first freehold estate in any real
property taxable in this state to list or have listed the property with the
property valuation administrator of the county where it is located
between January 1 and March 1 in each year, except as otherwise
provided by law.
2. a. It shall be the duty of all persons owning any tangible personal
property taxable in this state to list or have listed the property, by
the address at which it is located, with the property valuation
administrator of the county of taxable situs or with the department
between January 1 and May 15 in each year, except as provided by
subdivision b. of this subparagraph or otherwise prescribed by law.
b. On January 1 of each year, for each address, if the sum of all of the
taxable tangible personal property's fair cash values is one
thousand dollars ($1,000) or less, the taxpayer shall not be required
to list the property in accordance with subdivision a. of this
subparagraph.
c. On January 1 of each year, for each address, if the sum of all of the
taxable tangible personal property's fair cash values exceeds one
thousand dollars ($1,000) and the property is not listed as required
by subdivision a. of this subparagraph, the prope rty shall be
deemed omitted property in accordance with KRS 132.290.
d. For any taxable tangible personal property that is not listed due to
the one thousand dollar ($1,000) threshold established in
subdivision b. of this subparagraph, the owner of the property shall
maintain records of the property and its fair cash value calculation
for five (5) years after the expiration of the listing period.
3. The holder of legal title, the holder of equitable title, and the claimant or
bailee in possession of the pro perty on the assessment date as provided
by law shall be liable for the taxes thereon, and the property may be
assessed in any of their names. But, as between them, the holder of the
equitable title shall pay the taxes thereon, whether or not the property is
in his or her possession at the time of payment.
4. All persons in whose name property is properly assessed shall remain
bound for the tax, notwithstanding they may have sold or parted with it.
(2) Any taxpayer may list his or her property in person bef ore the property valuation
administrator or his deputy, or may file a property tax return by first class mail. Any
real property correctly and completely described in the assessment record for the
previous year, or purchased during the preceding year and f or which a value was
stated in the deed according to the provisions of KRS 382.135, may be considered
by the owner to be listed for the current year if no changes that could potentially
affect the assessed value have been made to the property. However, if requested in
writing by the property valuation administrator or by the department, any real
property owner shall submit a property tax return to verify existing information or
to provide additional information for assessment purposes. Any real property whi ch
has been underassessed as a result of the owner intentionally failing to provide
information, or intentionally providing erroneous information, shall be subject to
revaluation, and the difference in value shall be assessed as omitted property under
the provisions of KRS 132.290.
(3) If the owner fails to list the property, the property valuation administrat or shall
nevertheless assess it. The property valuation administrator may swear witnesses in
order to ascertain the person in whose name to make the list. The property valuation
administrator, his or her employee, or employees of the department may physica lly
inspect, or inspect using any other method approved by the department, and revalue
land and buildings in the absence of the property owner or resident. The exterior
dimensions of buildings may be measured and building photographs may be taken;
however, with the exception of buildings under construction or not yet occupied, an
interior inspection of residential and farm buildings, and of the nonpublic portions
of commercial buildings shall not be conducted in the absence or without the
permission of the owner or resident.
(4) Real property shall be assessed in the name of the owner, if ascertainable by the
property valuation administrator, otherwise in the name of the occupant, if
ascertainable, and otherwise to "unknown owner." The undivided real estate of any
deceased person may be assessed to the heirs or devisees of the person without
designating them by name.
(5) (a) Real property tax roll entries for which tax bills have not been collected at the
expiration of the one (1) year tolling period provided for in KRS 134.546, and
for which the property valuation administrator cannot physically locate and
identify the real property, shall be deleted from the tax roll and the assessment
shall be exonerated.
(b) The property valuation administrator shall keep a record of these exonerations,
which shall be open under the provisions of KRS 61.870 to 61.884.
(c) If, at any time, one of these entries is determined to represent a valid parcel of
property it shall be assessed as omitted property under the provisions of KRS
132.290.
(d) Notwithstanding other provisions of the Kentucky Revised Statutes to the
contrary, any loss of ad valorem tax revenue suffered by a taxing district due
to the exoneration of these uncollectable tax bills may be recovered through
an adjustment in the tax rate for the following year.
(6) All real property exempt from taxation by Section 170 of the Constitution shall be
listed with the property valuation administrator in the same manner and at the same
time as taxable real property. The property valuation administrator shall maintain an
inventory record of the tax-exempt property, but the property shall not be placed on
the tax rolls. A copy of this tax -exempt inventory shall be filed annually with the
department within thirty (30) days of t he close of the listing period. This inventory
shall be in the form prescribed by the department. The department shall make an
annual report itemizing all exempt properties to the Governor and the Legislative
Research Commission within sixty (60) days of the close of the listing period.
(7) Each property valuation administrator, under the direction of the department, shall
review annually all real property listed with him or her under subsection (6) of this
section and claimed to be exempt from taxation by Section 170 of the Constitution.
The property valuation administrator shall place on the tax rolls all property that is
not exempt. Any property valuation administrator who fails to comply with this
subsection shall be subject to the penalties prescribed in KRS 132.990(2).