There are no extensions for filing of tangible personal property tax forms 62A500. A separate return must be filed for each property location within Kentucky. The return must include the property location by street address and county. A post office box is not acceptable as the property address. The correct form needs to be utilized each year as the index factors change from year to year. Do not send payments with your return. The sheriff in each County mails the tax bills for timely filed returns and returns filed late will be assessed and billed by the Kentucky Department of Revenue.
Any personal property which has not been listed for taxation, for any year in which it is taxable, by the due date of that year shall be deemed omitted property, subject to penalties in accordance with KRS 132.290 and interest at the tax interest rate as defined in KRS 131.010(6), and KRS 131.183 from the date when the taxes would have become delinquent had the property been listed as required by law, until the date the tax bill is paid. Returns filed after the due date will be assessed by the Kentucky Department of Revenue, Omitted Personal Property Branch. Returns filed after May 15th should be mailed to Kentucky Department of Revenue, Omitted Tangible Branch, 501 High Street, Station 32, Frankfort, KY 40601.
All property shall be subject to taxation, unless it is exempted by the Constitution or in the case of personal property unless it is exempted by the Constitution or by statute in accordance with KRS 132.190.
Section 170 - Constitution Exemptions
- Public Property used for Public Purposes
- Tangible and intangible property owned by Institutions of Religion and real property owned and occupied by Institutions of Religion
- Institutions of Purely Public Charities
- Institutions of Education not used or employed for gain by any person or corporation, and the income of which is devoted solely to the cause of education
- Public Libraries
- Household Goods of a Person Used in His Home
- Places of Burial
- Crops Grown in Year Made and in Hands of Producer
- Homestead Exemptions
- Bonds of State, County, Municipality, other Taxing School District
Organizations exempt from federal income tax under Section 501(c) are not automatically exempt from Kentucky property tax and they must complete Form 62A023, Application for Exemption from Property Taxation, to determine if they meet all the qualifications to be exempt from Kentucky property tax.
Taxpayers who discover an error on their personal property tax returns can file amended returns along with an explanation of why they are being amended and documentation to support the changes. Form 62A500 should be completed with “Amended” written at the top. Amended returns resulting in a possible refund should be filed within 2 years of the date of payment, in accordance with KRS 134.590. Questions concerning amended returns should be direct to Office or the Office of Property Valuation, Division of State Valuation, Compliance Branch.
Appeals of personal property assessments are not made to the local board of assessment appeals. Any taxpayer aggrieved by an assessment may protest through the provision of KRS 131.110. The protest shall be made in writing and shall consist of a statement and supporting evidence setting forth the grounds upon which the protest is made. The statement should also include a complete description of property, the original cost, date of acquisition, and the condition of the property. Any assessment not protested within 45 days from the date of notice of assessment shall be final.