Ky. Rev. Stat. § 65.948

Current through 2024 Ky. Acts ch.225
Section 65.948 - Leased property exempt from state and local taxation

A governmental agency shall be considered the equitable owner of any personal or real property leased under KRS 65.940 to 65.956 where the property is used solely for public purposes, unless the governmental agency is vested with legal ownership pursuant to KRS 65.952. Personal or real property which is equitably or legally owned by a governmental agency shall be exempt from all taxation by the Commonwealth and any of its political subdivisions. Leases and interests therein and payments received by lessors or their assigns which are identified as interest shall be exempt from taxation by the Commonwealth and any of its political subdivisions to the same extent as bonds or notes issued by the Commonwealth and any governmental agency.

KRS 65.948

Effective:7/13/1990
Created 1990 Ky. Acts ch. 81, sec. 5, effective7/13/1990.