KRS 136.1804 — Notification of assessed value of watercraft -- Protest -- Tax rates -- Distribution of tax receipts -- Administrative fee

(1) The department shall notify the corporation of the assessed value of its watercraft
each year, as soon as possible after rates set by local authorities are provided to the
department. The corporation shall have sixty (60) days from the date of the
department's notice of assessment to protest as provided by KRS 131.110.
(2) No appeal shall delay the collection or paymen t of taxes based upon the assessment
in controversy. The corporation shall pay to the department all state and local taxing
district taxes due on the undisputed value of its watercraft as stated in the protest
filed under KRS 131.110. When the valuation is finally determined upon appeal, the
corporation shall be billed for any additional tax and interest at the tax interest rate
as defined in KRS 131.010(6) from the date the tax would have become due if the
assessment had not been appealed. The provisions of KRS 134.015(6) shall apply to
the tax bill.
(3) The state and local taxing district taxes on the watercraft are due sixty (60) days
from the date of notice of assessment. The tangible property taxes on watercraft
shall be collected in accordance with the provisions of KRS Chapter 134.
(4) The state rate of taxation on watercraft shall be forty -five cents ($0.45) upon each
one hundred dollars ($100) of assessed value of the watercraft.
(5) The department shall annually calculate an aggregate local rate, wh ich shall be
imposed upon each one hundred dollars ($100) of assessed value of the watercraft.
(a) The aggregate local rate shall be the sum of each local personal property tax
rate for each local taxing district multiplied by a fraction, the numerator of
which shall be the length of the navigable waterways in the local taxing
district and the denominator of which shall be the total of the length of all
navigable waterways in this state. Both the numerator and the denominator
shall be adjusted, if necessary, by paragraph (b) of this subsection.
(b) For purposes of computing the local property tax rate in paragraph (a) of this
section, the length of the navigable waterways of the Green River shall be
reduced by fifty percent (50%) and the length of the naviga ble waterways of
the Kentucky River shall be reduced by seventy-five percent (75%).
(6) The watercraft taxes collected for local taxing districts by the department shall be
distributed to each local taxing district based upon the local taxing district's
fractional portion of the amount calculated in subsection (5) of this section.
(7) Prior to distribution of taxes to local taxing districts, the department shall retain an
administrative fee of one percent (1%) of the amount due each district. The fee
imposed by this subsection shall have no effect upon the discount provided to
taxpayers pursuant to KRS 134.015.