Statutes > Kentucky Statutes > CHAPTER 65 GENERAL PROVISIONS APPLICABLE TO COUNTIES, CITIES, AND OTHER LOCAL UNITS > 65.948 Leased property exempt from state and local taxation.

65.948 Leased property exempt from state and local taxation.

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65.948 Leased property exempt from state and local taxation. A governmental agency shall be considered the equitable owner of any personal or real <br>property leased under KRS 65.940 to 65.956 where the property is used solely for public <br>purposes, unless the governmental agency is vested with legal ownership pursuant to <br>KRS 65.952. Personal or real property which is equitably or legally owned by a <br>governmental agency shall be exempt from all taxation by the Commonwealth and any of <br>its political subdivisions. Leases and interests therein and payments received by lessors or <br>their assigns which are identified as interest shall be exempt from taxation by the <br>Commonwealth and any of its political subdivisions to the same extent as bonds or notes <br>issued by the Commonwealth and any governmental agency. Effective: July 13, 1990 <br>History: Created 1990 Ky. Acts ch. 81, sec. 5, effective July 13, 1990.