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140.300 Definitions for KRS 140.310 to 140.360.

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140.300 Definitions for KRS 140.310 to 140.360. As used in KRS 140.310 to 140.360, these words shall have the following meaning: <br>(1) &quot;Agricultural land&quot; means that real estate which is defined in KRS 132.010(9). <br>(2) &quot;Horticultural land&quot; means that real estate which is defined in KRS 132.010(10). <br>(3) &quot;Agricultural or horticultural value&quot; means the value as defined in KRS 132.010(11). (4) &quot;Qualified real estate&quot; means real property which: (a) Is either horticultural or agricultural land; <br>(b) Has been used for agricultural or horticultural purposes for five (5) years prior to the death of the owner of the real estate or a joint owner thereof; and (c) Fair cash value exceeds fifty percent (50%) of the gross taxable estate of decedent for Kentucky inheritance tax purposes. (5) &quot;Qualified person&quot; means the spouse of a deceased owner of agricultural or horticultural land; the children, adopted children, and stepchildren of that deceased <br>owner; the spouses and issue of that deceased owner's children, adopted children, <br>and stepchildren, and is a person who proposes to devote the real property to <br>agricultural or horticultural purposes for at least five (5) years after the death of the <br>decedent in whose estate the agricultural or horticultural land is subject to <br>assessment. Effective: July 13, 1990 <br>History: Amended 1990 Ky. Acts ch. 142, sec. 4, effective July 13, 1990. -- Created 1978 Ky. Acts ch. 138, sec. 5, effective July 1, 1978. --