KRS § 136.1804 Notification of assessed value of watercraft -- Protest -- Tax rates -- Distribution of tax receipts -- Administrative fee.
AI-assisted research summary: The department must notify the corporation of the assessed value of its watercraft each year, and the corporation has 60 days to protest the assessment.
136.1804 Notification of assessed value of watercraft -- Protest -- Tax rates -- Distribution of tax receipts -- Administrative fee. (1) The department shall notify the corporation of the assessed value of its watercraft each year, as soon as possible after rates set by local authorities are provided to the department. The corporation shall have sixty (60) days from the date of the department's notice of assessment to protest as provided by KRS 131.110. (2) No appeal shall delay the collection or payment of taxes based upon the assessment in controversy. The corporation shall pay to the department all state and local taxing district taxes due on the undisputed value of its watercraft as stated in the protest filed under KRS 131.110. When the valuation is finally determined upon appeal, the corporation shall be billed for any additional tax and interest at the tax interest rate as defined in KRS 131.010(6) from the date the tax would have become due if the assessment had not been appealed. The provisions of KRS 134.015(6) shall apply to the tax bill. (3) The state and local taxing district taxes on the watercraft are due sixty (60) days from the date of notice of assessment. The tangible property taxes on watercraft shall be collected in accordance with the provisions of KRS Chapter 134. (4) The state rate of taxation on watercraft shall be forty-five cents ($0.45) upon each one hundred dollars ($100) of assessed value of the watercraft. (5) The department shall annually calculate an aggregate local rate, which shall be imposed upon each one hundred dollars ($100) of assessed value of the watercraft. (a) The aggregate local rate shall be the sum of each local personal property tax rate for each local taxing district multiplied by a fraction, the numerator of which shall be the length of the navigable waterways in the local taxing district and the denominator of which shall be the total of the length of all navigable waterways in this state. Both the numerator and the denominator shall be adjusted, if necessary, by paragraph (b) of this subsection. (b) For purposes of computing the local property tax rate in paragraph (a) of this section, the length of the navigable waterways of the Green River shall be reduced by fifty percent (50%) and the length of the navigable waterways of the Kentucky River shall be reduced by seventy-five percent (75%). (6) The watercraft taxes collected for local taxing districts by the department shall be distributed to each local taxing district based upon the local taxing district's fractional portion of the amount calculated in subsection (5) of this section. (7) Prior to distribution of taxes to local taxing districts, the department shall retain an administrative fee of one percent (1%) of the amount due each district. The fee imposed by this subsection shall have no effect upon the discount provided to taxpayers pursuant to KRS 134.015. Effective: April 27, 2018 History: Amended 2018 Ky. Acts ch. 171, sec. 111, effective April 14, 2018; and ch. 207, sec. 111, effective April 27, 2018. -- Amended 2009 Ky. Acts ch. 10, sec. 48, effective January 1, 2010; and ch. 52, sec. 3, effective June 25, 2009. -- Created 2006 Ky. Acts ch. 169, sec. 4, effective January 1, 2008. Legislative Research Commission Note (4/27/2018). This statute was amended by 2018 Ky. Acts chs. 171 and 207, which do not appear to be in conflict and have been codified together.