Intangible personal property has no intrinsic value – bonds, mortgages, notes, and accounts receivable.
All Kentucky residents must report their intangible property for taxation. The return must be filed with the PVA of the county of taxable situs or to the Department of Property Valuation in Frankfort between January 1 – May 15. Any return not postmarked by May 15 will be omitted and subject to penalties and interest except for individuals only who have filed an extension. The return must be filed on or before the extended due date. A copy of the federal extension must be attached to the intangible return and forwarded to the Intangible Personal Property Section, Department of Property Valuation, Frankfort, KY 40620, where they will be assessed without penalty but lose the opportunity to pay locally during the discount period.
Provide all identification information which is required at the top of the form. Failure to complete this part of the return properly, particularly with regard to Social Security number (or Federal ID number for corporations, partnerships, or fiduciaries), complete name and location, and type of return information could result in computer coding errors or misfiling. Omitted property notices of tax penalties and interest due could be generated as a result.
All property is valued as of January 1st of the year in which the return is filed. For valuation information or any assistance in billing out this return, contact the PVA office.