It is the estimated value that a willing buyer would pay and a willing seller would accept; in other words, fair market value.
Check the newspaper for real estate transfers of similar properties. 1. Check your homeowner's insurance policy for replacement cost. 2. Get a current appraisal.
When market value changes, so does assessed value. The PVA office does not create value. People determine the value by their transactions in the market place. The PVA office simply has the legal responsibility to study those transactions and assess your property fairly. Nor does the PVA determine how much tax you pay. We determine the fair market value of property and the elected officials such as County Fiscal Court, City Government and School Boards set the tax rates.
The constitution and statute, which is enforced by the Kentucky Revenue Cabinet, requires that all properties be assessed at fair market value. All properties must be re-assessed each year and must be physically examined at least once every four years.
If you feel your assessment is not accurate, you should do the following. Set up a conference with the PVA or Deputy to discuss the matter during the annual inspection period, beginning the first Monday in May and running thirteen consecutive days. Bring evidence to support your claim such as an appraisal, comparable sales information, and a copy of your insurance policy, cost of construction or proof of structural damage. If you and the PVA or Deputy cannot come to a mutual agreement on your assessment, you may file an appeal with the County Clerk and present your evidence to the Local Board of Appeals. Appeals must be filed by the end of Tuesday following the close of inspection period.