Rate on business inventories levied by a city or urban-county government -- Exception

- Exception. (1) Subject to the provisions of KRS 132.027, a city or urban-county government may levy a rate on business inventories equal to or less than the prevailing rate of taxation on other tangible personal property in the respective city or urban-county government. (2) The tangible personal property tax shall not be levied upon: (a) The inventories of licensed motor vehicle dealers, including licensed motor vehicle auction dealers; or (b) Motor vehicles that are in the possession of a licensed motor vehicle dealer, including licensed motor vehicle auction dealers, for sale, although ownership has not been transferred to the dealer.