Types of Properties:
Residential lots and acreage including improvements; farms or acreage including improvements; commercial and industrial lots and acreage including improvements; also mineral (oil, gas, limestone, coal, etc.) and timber properties, including the rights conveyed to these types of property, both developed and undeveloped.
Physical items which are the subject of ownership, except real and intangible property; non-business, personal household items, livestock, etc are excluded. Generally tangible personal property is always attributed to property used in a "business". For tangible personal property of this type, there are prescribed forms that must be completed by the taxpayer. Therefore, it is the duty of the property owner to list or have listed the property with the PVA between January 1 and May 15 in each year.
Consists mainly of contractual rights to real or tangible personal property and its earnings. The St. Ledger court decision resulted in Senate Bill 336 which eliminates intangible tax on stocks, and any investments consisting of stocks including Individual Retirement Accounts, mutual funds, options and warrants.
Motor vehicles, which are considered tangible property, are valued by the PVA in conjunction with the Kentucky Vehicle Identification System. The base value is the "blue book" trade-in value with adjustments determined by high mileage and/or physical damage.