Find Legal Information

133.150 Equalization of county or district assessments by Department of Revenue.

Download pdf

133.150 Equalization of county or district assessments by Department of Revenue. The Department of Revenue shall equalize each year the assessments of the property <br>among the counties. It shall compare the recapitulation of the property valuation <br>administrator's books from each county with the records of sales of land in such county or <br>with such other information that it may obtain from any source and shall determine the <br>ratio of the assessed valuation of the property to the fair cash value. The Department of <br>Revenue shall have power to increase or decrease the aggregate assessed valuation of the <br>property of any county or taxing district thereof or any class of property or any item in <br>any class of property. The Department of Revenue shall fix the assessment of all property <br>at its fair cash value. When the property in any county, or any class of property in any <br>county, is not assessed at its fair cash value, such assessment shall be increased or <br>decreased to its fair cash value by fixing the percentage of increase or decrease necessary <br>to effect the equalization. Effective: June 20, 2005 <br>History: Amended 2005 Ky. Acts ch. 85, sec. 235, effective June 20, 2005. -- Amended 1964 Ky. Acts ch. 141, sec. 16. -- Amended 1942 Ky. Acts ch. 131, secs. 23 and 32. <br>-- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. <br>Stat. sec. 4114i-16, 4114i-18.