The Kentucky Housing Corporation has been duly created as a de jure municipal corporation and political subdivision of the Commonwealth of Kentucky. Accordingly, the Kentucky Housing Corporation shall not be required to pay any taxes and assessments to the Commonwealth of Kentucky, or any county, municipality or other governmental subdivision of the Commonwealth of Kentucky, upon any of its property or upon its obligations or other evidences of indebtedness pursuant to the provisions of this chapter, or upon any moneys, funds, revenues or other income held or received by the corporation and the notes and bonds of the corporation and the income therefrom shall at all times be exempt from taxation, except for death and gift taxes and taxes of transfers; provided, however, that real property owned by the Kentucky Housing Corporation shall be exempt from all property taxation and special assessments of the state or political subdivisions thereof, but the corporation may agree to pay, in lieu of such taxes, such amounts as the corporation finds consistent with the cost to the state or political subdivision of supplying municipal services to the housing development and maintaining the economic feasibility of the housing development, which payments such bodies are hereby authorized to accept.
History: Amended 1976 Ky. Acts ch. 200, sec. 4. — Amended 1974 Ky. Acts ch. 383, sec. 9. — Created 1972 Ky. Acts ch. 70, sec. 21.

Terms Used In Kentucky Statutes 198A.200

  • Commonwealth: means the Commonwealth of Kentucky. See Kentucky Statutes 198A.010
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Corporation: means the Kentucky Housing Corporation created by this chapter. See Kentucky Statutes 198A.010
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • notes: means the bonds or bond anticipation notes authorized to be issued by the corporation under this chapter but shall not include any fund notes. See Kentucky Statutes 198A.010
  • Obligations: means any bonds, bond anticipation notes, or fund notes authorized to be issued by the corporation under the provisions of this chapter. See Kentucky Statutes 198A.010
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
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