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Kentucky Revised Statutes Title XI. Revenue and Taxation § 132.028.Rate on business inventories levied by a city or urban-county government; exception

Current as of January 01, 2024 | Updated by FindLaw Staff

(1) Subject to the provisions of KRS 132.027, a city or urban-county government may levy a rate on business inventories equal to or less than the prevailing rate of taxation on other tangible personal property in the respective city or urban-county government.

(2) The tangible personal property tax shall not be levied upon:

(a) The inventories of licensed motor vehicle dealers, including licensed motor vehicle auction dealers; or

(b) Motor vehicles that are in the possession of a licensed motor vehicle dealer, including licensed motor vehicle auction dealers, for sale, although ownership has not been transferred to the dealer.

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Cite this article: FindLaw.com - Kentucky Revised Statutes Title XI. Revenue and Taxation § 132.028.Rate on business inventories levied by a city or urban-county government; exception - last updated January 01, 2024 | https://codes.findlaw.com/ky/title-xi-revenue-and-taxation/ky-rev-st-sect-132-028/

Read this complete Kentucky Revised Statutes Title XI. Revenue and Taxation § 132.028.Rate on business inventories levied by a city or urban-county government; exception on Westlaw

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