Ky. Rev. Stat. » Chapter 132

Ky. Rev. Stat. § 132.290

Omitted property, what constitutes -- Periods within which it may be

Find cases: SyfertCases citing this section KY-LRCapps.legislature.ky.gov JustiaChapter on Justia CornellLII Search CasesGoogle Scholar

assessed retroactively -- Penalties and interest. (1) Any real property which has not been listed for taxation, for any year in which it is taxable, by the time the board of assessment appeals completes its work for that year shall be deemed omitted property. 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. (2) All omitted property shall be assessed retroactively in the manner provided by law at any time within five (5) years from the date when it became omitted, but the lien thereby accruing on any such property, except real property, shall not prejudice the rights of bona fide purchasers acquired in the meantime. (3) All omitted property voluntarily listed shall be subject to a penalty of ten percent (10%) of the amount of taxes, and interest at the tax interest rate as defined in KRS 131.010(6) 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. (4) All omitted property not voluntarily listed shall be subject to a penalty of twenty percent (20%) of the amount of taxes, and interest at the tax interest rate as defined in KRS 131.010(6) 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. (5) When the property is assessed retroactively by action prosecuted in the manner provided by KRS 132.330 and 132.340, an additional penalty of twenty percent (20%) of the amount of the original tax, interest and penalty may be collected for the purpose provided in KRS 134.552 and paid into the State Treasury. All other penalties and interest shall be distributed in the same manner as the tax. (6) Taxes on omitted property shall be due and payable as provided in KRS 134.015. Effective: January 1, 2010 History: Amended 2009 Ky. Acts ch. 10, sec. 37, effective January 1, 2010. -- Amended 2002 Ky. Acts ch. 89, sec. 6, effective January 1, 2003. -- Amended 1992 Ky. Acts ch. 391, sec. 1, effective July 14, 1992. -- Amended 1988 Ky. Acts ch. 303, sec. 2, effective July 15, 1988. -- Amended 1984 Ky. Acts ch. 111, sec. 73, effective July 13,1984. -- Amended 1982 Ky. Acts ch. 452, sec. 6, effective July 1, 1982. -- Amended 1958 Ky. Acts ch. 65, sec. 1. -- Amended 1949 (1st Extra. Sess.) Ky. Acts ch. 2, sec. 2. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 4019a-12, 4021, 4149b-6.

Notes of Decisions
Cited in 14 cases (2 in the last 5 years), 1944–2024 · leading case: Monumental Life Insurance Co. v. Department of Revenue
Sort: Relevance Newest Treatment
Monumental Life Insurance Co. v. Department of Revenue (2008) kyctapp · cites it 12× “As its final rationale for nontaxability of the account Monumental alleges that the back assessments were improper under the retroactivity provisions of KRS 132.290. More specifically, Monumental contends that KRS 132.”
Revenue Cabinet v. O'DANIEL (2005) ky · cites it 2× “[22] KRS 132.290(1) (amended 2002). [23] Camera Center, Inc.”
Davis, Sheriff v. Becker (1949) kyctapphigh · cites it 4× “This argument is based on appellee’s construction of other sections of the statute, in short, that section 132.290, KRS, has no application in cases where the taxpayer without action by the Department, or as claimed, pays the tax within the tax paying period.”
Thomas' Ex'r v. Commonwealth (1948) kyctapphigh “” He then proceeds to apply the five year statute of limitations, KRS 132.290, and holds that under that statute assessment on the omitted taxes was barred for the assessment years 1932 to 1935 (tax years 1933 to 1936) inclusive but sustained the assessment for assessment years…”
Commonwealth v. St. Matthews Gas & Electric Shop, Inc. (1952) kyctapp · cites it 4× “The Commonwealth appeals from three judgments of the Jefferson ¡Circuit Court disallowing retroactive assessment of intangible property for taxation in excess of 3 years from the filing of the Commonwealth’s petition and denying penalties which the Commonwealth sought to assess…”
Bill Dunn, McCracken County Property Valuation Administrator v. Saratoga, LLC (2024) kyctapp · cites it 10× “The KBTA granted summary judgment in favor of Saratoga and SSH, finding that the improvements were not “omitted property” as defined by KRS 132.290. The KBTA specifically held that Saratoga’s and SSH’s parcels were not “omitted property” because the companies had properly listed…”
Bill Dunn, McCracken County Property Valuation Administrator v. Saratoga, LLC (2024) kyctapp · cites it 10× “The KBTA granted summary judgment in favor of Saratoga and SSH, finding that the improvements were not “omitted property” as defined by KRS 132.290. The KBTA specifically held that Saratoga’s and SSH’s parcels were not “omitted property” because the companies had properly listed…”
Louisville Title Mortgage Co. v. Commonwealth Ex Rel. Unemployment Compensation Commission (1944) kyctapphigh · cites it 2× “But it is significant that by the Act of 1940, Chapter 180, Section 2, (which is carried into the Bevised Statutes of 1942 as Section 132.290 (2) when there has been a retrospective assessment of omitted tangible property, “the lien thereby accruing shall not prejudice the…”
Kentucky Tax Commission v. Airlene Gas Co. (1958) kyctapp “The principal question which we must decide is whether the difference in listed *833 valuations may be assessed as being omitted property or is to be treated as being property which was merely undervalued? Subsection (2) of KRS 132.290 reads in part as follows: “Omitted property…”
St. Matthews Gas & Electric Shop, Inc. v. Commonwealth (1954) kyctapp · cites it 2× “The court was asked to assess the property in accordance with KRS 132.290 with penalties and interest. The defendants respectively filed answers containing first, a general traverse and thereafter certain affirmative defenses.”
Commonwealth v. Interstate Grocery Co. (1955) kyctapp · cites it 4× “The assessment is alleged to have been based upon a voluntary listing made by the taxpayer on August 31, 1953, under KRS 132.290. The ground for dismissal was that the Franklin Circuit Court did not have jurisdiction of the action.”
Bowles v. Gilpin (1945) kyctapphigh “This section provides: “In addition to the penalties provided in KRS 132.290, failure to list any note or bond shall be a bar to any action upon the note of bond in any court and may be pleaded as a complete defense, but the holder thereof may at any time pay all taxes,…”
Show all 14 citing cases →
— Ky. Rev. Stat. § 132.290(1) — 3 cases
Revenue Cabinet v. O'DANIEL (2005) ky “[22] KRS 132.290(1) (amended 2002). [23] Camera Center, Inc.”
Bill Dunn, McCracken County Property Valuation Administrator v. Saratoga, LLC (2024) kyctapp “The KBTA granted summary judgment in favor of Saratoga and SSH, finding that the improvements were not “omitted property” as defined by KRS 132.290. The KBTA specifically held that Saratoga’s and SSH’s parcels were not “omitted property” because the companies had properly listed…”
Bill Dunn, McCracken County Property Valuation Administrator v. Saratoga, LLC (2024) kyctapp “The KBTA granted summary judgment in favor of Saratoga and SSH, finding that the improvements were not “omitted property” as defined by KRS 132.290. The KBTA specifically held that Saratoga’s and SSH’s parcels were not “omitted property” because the companies had properly listed…”
Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.