In the event the qualified real estate is reported for inheritance tax purposes at its agricultural or horticultural value and that real estate has been assessed at its agricultural or horticultural value for ad valorem tax purposes, then that assessment shall be presumed to be its agricultural or horticultural value for inheritance tax purposes. If, however, the real estate has not been so assessed for ad valorem tax purposes, then the agricultural or horticultural value shall be determined pursuant to KRS Chapter 132 and such regulations as may be promulgated by the Department of Revenue to determine horticultural or agricultural value for inheritance tax purposes.
KRS 140.330
Land presumed assessed at agricultural value -- Procedure when not so assessed
Applied in 1 court decision — leading case Revenue Cabinet Commonwealth v. Estate of Young (1988)
Most recently applied in Revenue Cabinet Commonwealth v. Estate of Young (April 1988)
Effective: June 20, 2005 History: Amended 2005 Ky
Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.