Kentucky Statutes 65.948 – Leased property exempt from state and local taxation
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A governmental agency shall be considered the equitable owner of any personal or real property leased under KRS § 65.940 to KRS § 65.956 where the property is used solely for public purposes, unless the governmental agency is vested with legal ownership pursuant to KRS § 65.952. Personal or real property which is equitably or legally owned by a governmental agency shall be exempt from all taxation by the Commonwealth and any of its political subdivisions. Leases and interests therein and payments received by lessors or their assigns which are identified as interest shall be exempt from taxation by the Commonwealth and any of its political subdivisions to the same extent as bonds or notes issued by the Commonwealth and any governmental agency.
Effective: July 13, 1990
History: Created 1990 Ky. Acts ch. 81, sec. 5, effective July 13, 1990.
Effective: July 13, 1990
Terms Used In Kentucky Statutes 65.948
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
History: Created 1990 Ky. Acts ch. 81, sec. 5, effective July 13, 1990.