Kentucky Statutes 132.360 – Reopening and increase of assessment — Notice — Protest — Certification
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(1) Any assessment of tangible personal property listed with the property valuation administrator or with the department as provided by KRS § 132.220 may be reopened by the department within five (5) years after the due date of the return, unless the assessed value has been established by a court of competent jurisdiction. If upon reopening the assessment the department finds that the assessment was less than the fair cash value and should be increased, it shall provide notice to the taxpayer. If the taxpayer disagrees with the increase in the assessment, the taxpayer may protest the notice in accordance with KRS § 131.110.
(2) Upon the assessment becoming final, the department shall certify the amount due to the taxpayer. The tax bill shall be handled and collected as an omitted tax bill, and the additional tax shall be subject to the same penalties and interest as the tax on omitted property voluntarily listed.
Effective: June 27, 2019
History: Amended 2019 Ky. Acts ch. 151, sec. 11, effective June 27, 2019. — Amended
2017 Ky. Acts ch. 74, sec. 69, effective June 29, 2017. — Amended 2005 Ky. Acts ch. 168, sec. 63, effective January 1, 2006; and ch. 85, sec. 192, effective June 20,
2005. — Amended 2002 Ky. Acts ch. 89, sec. 7, effective July 15, 2002. — Amended
2000 Ky. Acts ch. 327, sec. 6, effective July 14, 2000. — Amended 1988 Ky. Acts ch.
303, sec. 5, effective July 15, 1988. — Amended 1966 Ky. Acts ch. 255, sec. 128. — Amended 1958 Ky. Acts ch. 65, sec. 2. — Amended 1954 Ky. Acts ch. 147, sec. 2. — Amended 1949 (1st Extra. Sess.) Ky. Acts ch. 2, sec. 4. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4019a-10a, 4019a-10d.
(2) Upon the assessment becoming final, the department shall certify the amount due to the taxpayer. The tax bill shall be handled and collected as an omitted tax bill, and the additional tax shall be subject to the same penalties and interest as the tax on omitted property voluntarily listed.
Terms Used In Kentucky Statutes 132.360
- Department: means the Department of Revenue. See Kentucky Statutes 132.010
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Taxpayer: means any person made liable by law to file a return or pay a tax. See Kentucky Statutes 132.010
Effective: June 27, 2019
History: Amended 2019 Ky. Acts ch. 151, sec. 11, effective June 27, 2019. — Amended
2017 Ky. Acts ch. 74, sec. 69, effective June 29, 2017. — Amended 2005 Ky. Acts ch. 168, sec. 63, effective January 1, 2006; and ch. 85, sec. 192, effective June 20,
2005. — Amended 2002 Ky. Acts ch. 89, sec. 7, effective July 15, 2002. — Amended
2000 Ky. Acts ch. 327, sec. 6, effective July 14, 2000. — Amended 1988 Ky. Acts ch.
303, sec. 5, effective July 15, 1988. — Amended 1966 Ky. Acts ch. 255, sec. 128. — Amended 1958 Ky. Acts ch. 65, sec. 2. — Amended 1954 Ky. Acts ch. 147, sec. 2. — Amended 1949 (1st Extra. Sess.) Ky. Acts ch. 2, sec. 4. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4019a-10a, 4019a-10d.