Kentucky Statutes 133.110 – Correction of clerical errors in assessment
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(1) After submission of the final real property recapitulation or certification of the personal property assessment, the property valuation administrator may correct clerical, mathematical, or procedural errors in an assessment or any duplication of assessment. Changes in assessed value based on appraisal methodology or opinion of value shall not be valid. All corrections shall be reviewed by the Department of Revenue and those changes determined by the department to be invalid shall be rescinded. Any taxpayer affected by this rescission shall not be subject to additional penalties.
(2) Notwithstanding other statutory provisions, for property subject to a tax rate that is set each year based on the certified assessment, any loss of property tax revenue incurred by a taxing district due to corrections made after the tax rate has been set may be recovered by making an adjustment in the tax rate to be set for the next tax year.
Effective: June 20, 2005
History: Amended 2005 Ky. Acts ch. 85, sec. 230, effective June 20, 2005. — Amended
1992 Ky. Acts ch. 263, sec. 6, effective July 14, 1992. — Amended 1978 Ky. Acts ch.
384, sec. 263, effective June 17, 1978. — Repealed in part 1942 Ky. Acts ch. 131, sec. 32. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 4128, 4250.
(2) Notwithstanding other statutory provisions, for property subject to a tax rate that is set each year based on the certified assessment, any loss of property tax revenue incurred by a taxing district due to corrections made after the tax rate has been set may be recovered by making an adjustment in the tax rate to be set for the next tax year.
Terms Used In Kentucky Statutes 133.110
- Appraisal: A determination of property value.
- Department: means the Department of Revenue. See Kentucky Statutes 133.010
- Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
- Taxpayer: means any person made liable by law to file a return or pay a tax. See Kentucky Statutes 133.010
- Year: means calendar year. See Kentucky Statutes 446.010
Effective: June 20, 2005
History: Amended 2005 Ky. Acts ch. 85, sec. 230, effective June 20, 2005. — Amended
1992 Ky. Acts ch. 263, sec. 6, effective July 14, 1992. — Amended 1978 Ky. Acts ch.
384, sec. 263, effective June 17, 1978. — Repealed in part 1942 Ky. Acts ch. 131, sec. 32. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 4128, 4250.