When is a Kentucky inheritance tax return due?
Within 18 months of the date of death when tax is owed, and the Department of Revenue allows a 5 percent discount if the tax is paid within nine months of death. Class A beneficiaries (spouse, parents, children, grandchildren, siblings) are exempt; Class B (nieces, nephews, in-laws, aunts, uncles, great-grandchildren) and Class C (everyone else, including cousins) pay on what they receive after a $1,000 or $500 exemption. The value on the return is what our date-of-death appraisal establishes.
Does every Kentucky business need to file Form 62A500?
No. Form 62A500 is not required where the tangible personal property at a location has a total fair cash value of $1,000 or less, though the Department of Revenue says records must still be kept. Above that figure, all taxable personal property at the location is listed as of January 1 and filed with the county PVA by May 15, with a separate return for each property location.
How do I challenge a Kentucky personal property assessment?
Start with the PVA office, which is the first step in the appeal guidance the Department of Revenue publishes for personal property. Personal property appeals do not go to the local board of assessment appeals the way real property appeals do; a protest must be filed within 45 days of the assessment notice, the Department issues a final ruling if the dispute is not resolved, and that ruling can be appealed to the Kentucky Board of Tax Appeals. An independent appraisal documenting fair cash value is the evidence that carries through each step.