Statutes > Kentucky Statutes > CHAPTER 140 INHERITANCE AND ESTATE TAXES > 140.330 Land presumed assessed at agricultural value -- Procedure when not so assessed.

140.330 Land presumed assessed at agricultural value -- Procedure when not so assessed.

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140.330 Land presumed assessed at agricultural value -- Procedure when not so assessed. In the event the qualified real estate is reported for inheritance tax purposes at its <br>agricultural or horticultural value and that real estate has been assessed at its agricultural <br>or horticultural value for ad valorem tax purposes, then that assessment shall be presumed <br>to be its agricultural or horticultural value for inheritance tax purposes. If, however, the <br>real estate has not been so assessed for ad valorem tax purposes, then the agricultural or <br>horticultural value shall be determined pursuant to KRS Chapter 132 and such regulations <br>as may be promulgated by the Department of Revenue to determine horticultural or <br>agricultural value for inheritance tax purposes. Effective: June 20, 2005 <br>History: Amended 2005 Ky. Acts ch. 85, sec. 469, effective June 20, 2005. -- Amended 1980 Ky. Acts ch. 402, sec. 2, effective July 15, 1980. -- Created 1978 Ky. Acts <br>ch. 138, sec. 8, effective July 1, 1978. Legislative Research Commission Note. Although this section is included in Acts 1980, ch. 402, the proposed change was deleted by floor amendment.