Property Tax Talk

Real Property includes all lands within this state and improvements thereon.

Personal Property includes every species and character of property, tangible and intangible, other than real property.

Tangible Personal Property includes automobiles, construction equipment, manufacturing machinery, merchandise, livestock, and furniture and fixtures.

Intangible Personal Property includes property which has no intrinsic value such as bonds, mortgages, notes, and accounts receivable.

The Kentucky Constitution provides two key directives in the structure of the Property Tax System. One is that all property not specifically exempted by the Constitution itself is taxable. The other is that all property must be assessed at Fair Cash Value.

Two amendments were passed to lessen the tax burden on certain groups of property owners: the Agricultural Deferred Value Amendment and the Homestead Exemption, which was broadened to include totally disabled homeowners.

General Tax Information