Kentucky Leased Personal Property Workform
Description
How to fill out Leased Personal Property Workform?
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FAQ
All individuals and business entities who own or lease personal property located within Kentucky on January 1 must file a tangible property tax return known as Kentucky Revenue Form 62A500 (PDF) with the Property Valuation Administrator's ( PVA ) Office.
Returns filed after May 15th should be mailed to Kentucky Department of Revenue, Omitted Tangible Branch, 501 High Street, Station 32, Frankfort, KY 40601.
The taxable situs of tangible personal property in Kentucky are the Counties where the property is physically located. Another way to define tangible personal property is that it is every physical item subject to ownership except real and intangible property.
All property in Kentucky, unless exempted by the Kentucky Constitution or statute, is subject to taxation. Tangible personal property is not exempted.
Kentucky residents and businesses must pay state taxes and file tax returns. The state employs a flat income tax rate of 5 percent. Everyone pays the same tax rate provided you meet the income requirements to file.
Tangible personal property is every physical item subject to ownership, except real and intangible property. Lessors and Lessees of Tangible Personal PropertyLeased property must be listed by the owner on Revenue Form 62A500, regardless of the lease agreement's terms regarding tax liability.
It is levied at six percent and shall be paid on every motor vehicle used in Kentucky.
If leased vehicles are reported the public service company, as lessee, must be responsible for paying the motor vehicle property tax.
