LOUISVILLE, KY (September 28, 2020) The Jefferson County PVA is reminding citizens about a new state law [KRS 132.220 (1)(b)(2)(b)], that changes the filing requirements for tangible personal property tax returns.
NEW IN 2020: If the total sum fair cash value of the tangible personal property is $1,000 or less per property location, then Form 62A500 is not required. Please note that records must be kept. The PVA Office has received many tax returns for $1,000 or less of tangible personal property, however, per [KRS 132.220 (1)(b)(2)(b)], our office will not process these returns, and no tax bill will be levied.
Each individual, partnership, or corporation that has taxable personal property exceeding $1,000 must file return Form 62A500 between January 1 and July 15 with their local Property Valuation Administrator (PVA). Returns filed by July 15 have been assessed by the Jefferson County PVA. The tax bills resulting from these returns will be generated and mailed by local officials in the fall of the year.
Information and forms about the Kentucky tangible personal property tax can be found at https://revenue.ky.gov/Property/Business-Personal-Property/Pages/default.aspx.