| Q: |
How does the PVA determine a property's "assessed value"?
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| A: |
State law requires all property within Jefferson County to be assessed at fair market value as of January 1st. The Kentucky Constitution defines "assessed value" as the price a willing buyer would pay a willing seller. |
| Q: |
How does the PVA make sure assessments are fair? |
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| A: |
The Jefferson County PVA staff reviews approximately 28,000 real estate sales and property transfers each year, as well as improvements to any property. Correct property information is the key to ensuring that all assessments are fair and accurate. The PVA tracks this information with sophisticated computer systems called CAMA (Computer Assisted Mass Appraisal) and GIS (Geographic Information Systems). |
| Q: |
What causes an assessment to change? |
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| A: |
A number of factors affect your property's assessment, including its location, additions or improvements, the current selling price for similar properties, and supply and demand. New construction, such as the development of a new subdivision in your area, does not affect the value of existing properties. The PVA itself does not create or add value to property.
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| Q: |
How will a change in assessment affect my tax bill? |
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| A: |
Two factors determine your property tax bill: the assessment and the tax rate. The PVA only assesses the value of property. City, county and state governments, as well as school boards, determine tax rates. State law caps total revenue increases by most taxing authorities at no more than 4% higher than the previous year. When the cap is reached tax rates roll back. |
| Q: |
Do senior citizens or disabled persons get a break? |
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| A: |
Yes. Property owners who are age 65 or older may be eligible for the Homestead Exemption. Those who have previously signed up for this exemption need not reapply. Property owners who have been declared totally disabled for the previous 12 months by any public or private retirement system may be eligible for the Disability Exemption. This exemption must be verified annually. If you are eligible for either of the exemptions, the PVA will subtract the amount of the exemption from your properties assessed value, so you'll pay less property tax.
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| Q: |
How are vehicles and boats assessed and what can the PVA do if my vehicle or boat is over assessed? |
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| A: |
All vehicles and boats are assessed in Frankfort by the Revenue Cabinet. The PVA can change assessments on vehicles due to high mileage according to published NADA guidelines. It is the responsibility of the property owner to bring the PVA Office this information. The property owner must sign an affidavit of the high mileage that was on the vehicle January 1st of the current assessment year. |
| Q: |
Can the PVA change a vehicle assessment because of damage to my vehicle? |
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| A: |
The property owner must bring a vehicle damage estimate from a licensed body shop to the PVA office. The damage has to be present on the vehicle on January 1st of the current assessment year. The PVA office can make these changes if the taxpayer will bring in the proper documentation for our records. |
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Call for further information.
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