Personal Property Assessment and Taxation
All taxable property and all interests in taxable property shall be listed, assessed, and valued as of January 1 of each year unless otherwise specifically provided by law. (KRS 132.220)
Taxable property includes:
The return should include property that has been fully depreciated, in storage or expensed if on hand as of the assessment date of January 1. Each individual, partnership, or corporation that has taxable personal property must file a return Form 62A500 between January 1 and May 15th with their local Property Valuation Administrator (PVA). See link to PVA Directory at right. Form 62A500 is not
required to be filed for tangible personal property with a sum fair cash value
of $1,000 or less per property location. However, taxpayers must still keep records of property owned.
Returns filed by the due date are assessed by the local PVA. The tax bills resulting from these returns will be generated and mailed by local officials in the fall of the year.
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.