Skip to content
(859) 555-0147

Fayette County Tangible Property Return When You Sell

Facts last checked November 12, 2026

Business equipment is taxed locally in Kentucky, and Lexington Business Brokers HQ sees sellers surprised by a bill for a year in which they sold.

Here is how the calendar works.

Prefer to talk? Phone (859) 555-0147 on a weekday.

Agency
The Fayette County Property Valuation Administrator, with the Kentucky Department of Revenue setting the form
Form or filing
A tangible personal property tax return listing equipment, inventory and other business property you owned on January 1
Timing
Returns are filed between January 1 and May 15, and there is no extension for the tangible property return

Common snag: Assuming a sale before May ends the duty. Property you owned on January 1 is generally the property assessed for that year.

This guide is general information and is not tax or legal advice. Confirm every step with your CPA, your attorney and the Fayette County PVA office.

The January 1 Snapshot

Kentucky assesses tangible personal property as of January 1. That means equipment, vehicles that are not registered for road use, inventory and other business property are counted where they stood on that date.

A sale in March does not change what you owned in January. This is the point that surprises owners.

Where and When to File

The return goes to the Property Valuation Administrator in the county where the property sits. Returns are due between January 1 and May 15, or the next business day if May 15 falls on a weekend.

The state notes that there is no extension for this return.

A business with more than one location files for each location in Kentucky.

Who Pays for the Year of Sale

The tax bill usually arrives later in the year. The sale agreement should say who pays it, and many agreements prorate it between seller and buyer. Your attorney should decide this before the offer is final, not after the bill arrives.

Selling Equipment Separately

If you sell equipment before a business sale or after, keep a record of the date and the buyer. If you moved equipment out of the county, ask the PVA how to report it. The sources we checked did not settle every mid year case, so ask the office.

Common Mistakes

  • Skipping the return because the business sold early in the year.
  • Leaving sold equipment on the list for the next year.
  • Forgetting a second location or a storage unit.
  • Missing the May 15 date with no extension available.

Steps for Sellers

  1. List every asset you owned on January 1 of the sale year.
  2. Ask your CPA whether a return is due for that year.
  3. Agree with the buyer in writing who pays the bill.
  4. Keep copies, since buyers sometimes ask for them in diligence.

Ask the PVA

Each county sets its own office hours and portals. Call the Fayette County PVA early in the year and ask how a business sale or closing is handled on the return.

Keep Your Copies

Save each return and the equipment list behind it. A buyer's lender may ask for proof that property taxes are current, and the records help if the bill is disputed later.

More From This Section

Read how a buyer treats equipment in asset sale pricing and the local net profits return. When you are ready, find your sale price.

Tap to call (859) 555-0147