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There are 5 income tax brackets, ranging from 2% to 6% of personal income.[63] The sales tax rate in Kentucky is 6%.[64] Kentucky has a broadly based classified property tax system. All classes of property, unless exempted by the Constitution, are taxed by the state, although at widely varying rates.[65] Many of these classes are exempted from taxation by local government. Of the classes that are subject to local taxation, three have special rates set by the General Assembly, one by the Kentucky Supreme Court and the remaining classes are subject to the full local rate, which includes the tax rate set by the local taxing bodies plus all voted levies. Real property is assessed on 100% of the fair market value and property taxes are due by December 31. Once the primary source of state and local government revenue, property taxes now account for only about 6% of the Kentucky's annual General Fund revenues.[66]

Until January 1, 2006, Kentucky imposed a tax on intangible personal property held by a taxpayer on January 1 of each year. The Kentucky intangible tax was repealed under House Bill 272.[67] Intangible property consisted of any property or investment which represents evidence of value or the right to value. Some types of intangible property included: bonds, notes, retail repurchase agreements, accounts receivable, trusts, enforceable contracts sale of real estate (land contracts), money in hand, money in safe deposit boxes, annuities, interests in estates, loans to stockholders, and commercial paper.

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