All individuals and business entities who own, lease, or have a beneficial interest in taxable, tangible property located within Kentucky on January 1 must file a tangible property tax return. All tangible property is taxable, except the following:

    • Personal household goods used in the home
    • Crops grown in the year which the assessment is made and in the hands of the producer
    • Tangible personal property owned by institutions exempted under Section 170 of the Kentucky Constitution.

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.