Bill > SB180

This bill amends Kentucky Revised Statutes (KRS) related to property valuation for tax purposes, specifically concerning agricultural and horticultural land. It redefines "agricultural land" and "horticultural land" to include parcels within a larger planned development of ten or more parcels that are converted to residential use, allowing them to retain their agricultural or horticultural valuation until a certificate of occupancy is issued for a new structure on that parcel. The bill also clarifies that the agricultural or horticultural value for tax purposes will be calculated based on the land's value *before* the conversion to residential use. Additionally, it outlines the procedures and timelines for reporting these changes to the property valuation administrator, ensuring a smoother transition for tax assessment purposes.

https://apps.legislature.ky.gov/record/26RS/sb180.html