Ky. Rev. Stat. § 132.360

Reopening and increase of assessment -- Notice -- Protest -- Certification

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(1) Any assessment of tangible personal property listed with the property valuation administrator or with the department as provided by KRS 132.220 may be reopened by the department within five (5) years after the due date of the return, unless the assessed value has been established by a court of competent jurisdiction. If upon reopening the assessment the department finds that the assessment was less than the fair cash value and should be increased, it shall provide notice to the taxpayer. If the taxpayer disagrees with the increase in the assessment, the taxpayer may protest the notice in accordance with KRS 131.110. (2) Upon the assessment becoming final, the department shall certify the amount due to the taxpayer. The tax bill shall be handled and collected as an omitted tax bill, and the additional tax shall be subject to the same penalties and interest as the tax on omitted property voluntarily listed. Effective: June 27, 2019 History: Amended 2019 Ky. Acts ch. 151, sec. 11, effective June 27, 2019. -- Amended 2017 Ky. Acts ch. 74, sec. 69, effective June 29, 2017. -- Amended 2005 Ky. Acts ch. 168, sec. 63, effective January 1, 2006; and ch. 85, sec. 192, effective June 20, 2005. -- Amended 2002 Ky. Acts ch. 89, sec. 7, effective July 15, 2002. -- Amended 2000 Ky. Acts ch. 327, sec. 6, effective July 14, 2000. -- Amended 1988 Ky. Acts ch. 303, sec. 5, effective July 15, 1988. -- Amended 1966 Ky. Acts ch. 255, sec. 128. -- Amended 1958 Ky. Acts ch. 65, sec. 2. -- Amended 1954 Ky. Acts ch. 147, sec. 2. -- Amended 1949 (1st Extra. Sess.) Ky. Acts ch. 2, sec. 4. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4019a-10a, 4019a-10d.

Notes of Decisions

Cited in 2 cases, 1957–1958 · leading case: Kentucky Tax Commission v. Airlene Gas Co.

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Kentucky Tax Commission v. Airlene Gas Co. (1958) kyctapp “* * Subsection (1) of KRS 132.360 states: “Any assessment of accounts receivable, notes, stocks or bonds that were listed with the county tax commissioner may be reopened by the Department of Revenue within two years after the date as of which they were assessed * * In short, if…”

Standard Oil Co. v. Commonwealth ex rel. Allphin (1957) kyctapp “Standard contends that it is a mere case of undervaluation, which can be reached only by reopening the assessments under KRS 132.360. We think the case is not one of mere undervaluation, but is the equivalent of a complete failure to list a particular account.”

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