KRS 132.320 — Listing of omitted property with department -- Appeal - Collection and distribution of tax -- Deduction of fee from distribution

(1) Any person who has failed to list for taxation tangible personal property, in whole
or in part, because he was not called upon by the property valuation administrator or
for any other reason, may at any time list the property with the department by
reporting to the department the full details and a correct description of the omitted
property and its value. The department may determine and fix the fair cash value,
estimated at the price it would bring at a fair voluntary sale, of the property so
reported and listed for taxation.
(2) Any person dissatisfied with or aggrieved by the finding or ruling of the department
may appeal the finding or ruling in the manner provided in KRS 131.110.
(3) The department may promulgate administrative regulations, and develop forms for
the listing and assessment of the property assessed or to be assessed for taxation.
The tax assessed shall be paid to and collected by the department. Taxes collected
by the department on behalf of the county, school, and other local taxing districts
shall be distributed to each district at least quarterly. From each distribution, the
department shall deduct a fee which represents an allocation of department
operating and overhead expenses incurred in assessing and collecting the omitted
tax. The fee shall be determined by the department and shall apply to all omitted
taxes collected after December 31, 1997.
(4) All property assessed pursuant to this section shall be liable for the payment of the
taxes, interest, and penalties provided by law for failure to list the property with the
property valuation administrator or other assessment board, commission, or
authority within the time and in the manner prescribed by law, except that if the
taxpayer voluntarily lists property under this section the twenty percent (20%)
penalty provided to be paid to the department shall not apply, unless the taxpayer on
an appeal from the action of the department attempts to reduce the assessment and
is unsuccessful.
(5) If after demand by the department, any taxpayer refuses to voluntarily list any
tangible personal property omitted from assessment, the department shall make an
estimate of the fair cash value of the omitted tangible personal property from the
information in its possession and assess the property for taxation and require
payment of the taxes, penalties, and interest due to the state and local taxing
districts from the person assessed. Notice of the assessment shall be mailed to the
taxpayer or the taxpayer's agent. The finality and review of any assessment made
pursuant to this section shall be governed by the provisions of KRS 131.110.