Kentucky
General Assembly

01/10/22	introduced in House to Committee on Committees (H)
02/18/22	to Appropriations & Revenue (H)
03/01/22	reported favorably, 1st reading, to Calendar with Committee Substitute (1)
03/02/22	2nd reading, to Rules floor amendment (1) filed to Committee Substitute
03/03/22	floor amendments (2) and (3) filed to Committee Substitute
03/07/22	posted for passage in the Regular Orders of the Day for Tuesday, March 08, 2022
03/21/22	3rd reading floor amendment (3) ruled not germane floor amendment (2) defeated passed 66-24 with Committee Substitute (1) and floor amendment (1) received in Senate to Committee on Committees (S)
03/22/22	to Transportation (S)

Amendment	House Committee Substitute 1
Summary	Retain original provisions; amend KRS 132.191 to remove the provisions requiring the valuation under the income approach to specifically include the terms of the lease and rental income; define "vacant property"; remove the provision that the appraisal of real property reflect the reasonable, probable, and most profitable use of the property that is legally permissible, physically possible, and financially feasible; remove the provision that the appraisal of real property take into consideration any value that is added to a property from a lease that encumbers; amend KRS 132.450 to prohibit a property valuation administrator from using the asking price of a property actively listed for sale in the determination of the fair cash value of property unless other evidence demonstrates that the asking price is the price the property would bring at a fair voluntary sale; require the property valuation administrator to use the purchase price of real property in an arm's length real estate transaction; amend KRS 133.120 to remove the requirement that taxpayer representatives who receive compensation for appealing property assessments possess knowledge of valuing property specific to the geographical area of the property in dispute.
Index Headings	Property - Assessments, property taxation, appraisal method requirements Property Valuation Administrators - Assessment conferences, taxpayer representative qualifications Taxation - Property tax, property assessments, appraisal method requirements Taxation, Property - Property assessments, appraisal method requirements

Amendment	House Floor Amendment 1
Sponsor	S. McPherson
Summary	Remove the term "appraisal" and require that the valuation of real property meet the minimum applicable assessment standards of the International Association of Assessing Officers or Uniform Standards of Professional Appraisal Practice.
Index Headings	Property - Assessments, real property taxation, valuation standards Property Valuation Administrators - Assessments, real property taxation, valuation standards Taxation - Property tax, real property assessments, valuation standards Taxation, Property - Real property assessments, valuation standards

Amendment	House Floor Amendment 2
Sponsor	P. Flannery
Summary	Retain original provisions and remove requirements pertaining to the sales comparison approach; remove the requirement that the appraisal of property meet minimum applicable appraisal standards of the International Association of Assessing Officers; remove the requirement that property valuation administrators use the statement of full consideration as stated on the deed as the presumptive basis for fair cash value in arm's length transactions; amend KRS 132.010 to redefine real property.
Index Headings	Property - Assessments, property taxation, real property definition Property Valuation Administrators - Property tax, property assessments, real property definition Taxation - Property tax, property assessments, real property definition Taxation, Property - Property tax, property assessments, real property definition

Amendment	House Floor Amendment 3
Sponsor	P. Flannery
Summary	Delete all language; create a new section of KRS Chapter 132 to exempt motor vehicles from state and local ad valorem taxes when the motor vehicle has a curb weight at or below 10,000 pounds, is primarily used a personal vehicle, and is registered with the county clerk; require the Department of Revenue to establish procedures and forms related to the exemption; amend KRS 132.010 to define curb weight; amend KRS 132.485 to exclude motor vehicles exempt from taxation from the assessment process; amend KRS 134.800 to clarify that the county clerks collect ad valorem taxes on taxable motor vehicles registered by him or her; apply to motor vehicles assessor or after January 1, 2023.
Index Headings	County Clerks - Motor vehicles, personal use, property tax exemption Motor Vehicles - Personal use, property tax exemption Property Valuation Administrators - Motor vehicles, personal use, property tax exemption Taxation - Property tax, motor vehicles, personal use, exemption Taxation, Property - Motor vehicles, personal use, exemption State Agencies - Department of Revenue, motor vehicle, property tax exemption, procedures and forms