Kentucky Statutes 132.018 – Reduction of tax rate on personal property
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(1) If the tax rate applicable to real property levied by a county fiscal court, district board of education, or legislative body of a city, consolidated local government, urban-county government, or other taxing district is reduced as a result of reconsideration by the county fiscal court, district board of education, or legislative body of a city, consolidated local government, urban-county government, or other taxing district under the provisions of KRS § 132.017(2)(j), the tax rate applicable to personal property levied under the provisions of KRS § 68.248(1), 132.024(1),
132.029(1), and 160.473(1) shall be reduced by the respective county fiscal court, district board of education, or legislative body of a city, consolidated local government, urban-county government, or other taxing district to an amount which will produce the same percentage increase in revenue from personal property as the percentage increase in revenue from real property resulting from the reduced tax rate applicable to real property.
(2) If the tax rate applicable to real property levied by a county fiscal court, district board of education, or legislative body of a city, consolidated local government, urban-county government, or other taxing district is reduced, under the provisions of KRS § 132.017(3), as a result of a majority of votes cast in an election being opposed to such a rate, the tax rate applicable to personal property levied by the respective county fiscal court, district board of education, or legislative body of a city, consolidated local government, urban-county government, or other taxing district shall be reduced, without further action by the levying body, to an amount which will produce the same percentage increase in revenue from personal property as the percentage increase in revenue from real property resulting from the reduced tax rate applicable to real property.
Effective: June 27, 2019
History: Amended 2019 Ky. Acts ch. 83, sec. 2, effective June 27, 2019. — Amended
2005 Ky. Acts ch. 121, sec. 5, effective June 20, 2005. — Amended 2002 Ky. Acts ch. 346, sec. 163, effective July 15, 2002. — Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 309, effective July 13, 1990. — Created 1982 Ky. Acts ch. 397, sec. 9, effective July 15, 1982.
Legislative Research Commission Note (6/20/2005). 2005 Ky. Acts ch. 121, sec. 6, provides: “The provisions of this Act shall apply to ordinances, orders, resolutions or motions passed after July 15, 2005.”
Legislative Research Commission Note (6/20/2005). The paragraph in KRS § 132.017(2) that is referred to in subsection (1) of this section has been changed in codification by the Reviser of Statutes under the authority of KRS § 7.136 to reflect the correct lettering of paragraphs in 2005 Ky. Acts ch. 121, sec. 1, subsec. (2).
132.029(1), and 160.473(1) shall be reduced by the respective county fiscal court, district board of education, or legislative body of a city, consolidated local government, urban-county government, or other taxing district to an amount which will produce the same percentage increase in revenue from personal property as the percentage increase in revenue from real property resulting from the reduced tax rate applicable to real property.
Terms Used In Kentucky Statutes 132.018
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- City: includes town. See Kentucky Statutes 446.010
- County: means any county, consolidated local government, urban-county government, unified local government, or charter county government. See Kentucky Statutes 132.010
- Fiscal court: means the legislative body of any county, consolidated local government, urban-county government, unified local government, or charter county government. See Kentucky Statutes 132.010
- Personal property: All property that is not real property.
- Personal property: includes every species and character of property, tangible and intangible, other than real property. See Kentucky Statutes 132.010
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Real property: includes all lands within this state and improvements thereon. See Kentucky Statutes 132.010
- Taxing district: means any entity with the authority to levy a local ad valorem tax, including special purpose governmental entities. See Kentucky Statutes 132.010
(2) If the tax rate applicable to real property levied by a county fiscal court, district board of education, or legislative body of a city, consolidated local government, urban-county government, or other taxing district is reduced, under the provisions of KRS § 132.017(3), as a result of a majority of votes cast in an election being opposed to such a rate, the tax rate applicable to personal property levied by the respective county fiscal court, district board of education, or legislative body of a city, consolidated local government, urban-county government, or other taxing district shall be reduced, without further action by the levying body, to an amount which will produce the same percentage increase in revenue from personal property as the percentage increase in revenue from real property resulting from the reduced tax rate applicable to real property.
Effective: June 27, 2019
History: Amended 2019 Ky. Acts ch. 83, sec. 2, effective June 27, 2019. — Amended
2005 Ky. Acts ch. 121, sec. 5, effective June 20, 2005. — Amended 2002 Ky. Acts ch. 346, sec. 163, effective July 15, 2002. — Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 309, effective July 13, 1990. — Created 1982 Ky. Acts ch. 397, sec. 9, effective July 15, 1982.
Legislative Research Commission Note (6/20/2005). 2005 Ky. Acts ch. 121, sec. 6, provides: “The provisions of this Act shall apply to ordinances, orders, resolutions or motions passed after July 15, 2005.”
Legislative Research Commission Note (6/20/2005). The paragraph in KRS § 132.017(2) that is referred to in subsection (1) of this section has been changed in codification by the Reviser of Statutes under the authority of KRS § 7.136 to reflect the correct lettering of paragraphs in 2005 Ky. Acts ch. 121, sec. 1, subsec. (2).