KRS 136.1802 — Watercraft assessment and taxation -- Allocation of tax receipts -- Value determination

(1) Notwithstanding KRS 132.486, the watercraft of any corporation operating within
this state, or partly within this state and partly within other states, shall be assessed
by the department as of January 1 each year.
(2) The department shall have the sole power to value and assess all of the corporation's
watercraft.
(3) The department shall bill and collect all ad valorem taxes on watercraft and shall
divide, allocate, and distribute the tax receipts as provided in KRS 136.1804 to each
local taxing district within this state.
(4) The value of the corporation's watercraft shall be apportioned to this state by
multiplying the assessed value by a fraction, the numerator of which shall include:
(a) Ninety percent (90%) of the length of the corporation's Ohio River route that
borders Kentucky;
(b) Fifty percent (50%) of the length of the Mississippi River route that borders
Kentucky;
(c) Fifty percent (50%) of the len gth of the Big Sandy River route that borders
Kentucky; and
(d) One hundred percent (100%) of the length of all other navigable waterways
within Kentucky;
and the denominator of which shall include the length of all waterway routes
traveled in all states by the corporation during the previous calendar year.