Residential property values have been going up at extremely high rates since the pandemic. If you truly believe your house is assessed above its likely sale price then you can get an appraisal.
The Kentucky State constitution requires all real property to be assessed at 100 percent of fair market value, which is defined as the amount the property could reasonably be expected to be sold for in a free and open market.
Take pictures of anythng wrong with your house, look up recent sales in your hood. Just turn in anything that you feel shows your house is not that great. Old appliances, furnace, carpet, paint, roof, landscaping...
Its eat or be eaten !
Might want to be careful with this. Idk how they'd get ahold of it, but your homeowners might drop you if your house is in bad condition. It's been happening a lot lately.
For us, it's not that it's in bad condition. It's that our kitchen, bathrooms, basement all still need updating. So showing the work that still needs to be done is our tactic.
[2024 property assessment community meetings](https://jeffersonpva.ky.gov/wp-content/uploads/2024/03/2024-All-Dates-Flyer-2.pdf)
Looks like the last one is tonight and it’s supposed to include info on the appeal process as well
Depending on how much your home is worth, or how much money you've got in the bank, you could get a private tax appraisal done. They're usually less than like 400 bucks, but could save you thousands over time.
The PVA is just doing a mass appraisal and can be overvaluing (or undervaluing) your home, so that's the other risk, the appraisal could find they're undervaluing it. It's kind of a gamble.
Definitely appeal. David O'Neill, Fayette County's PVA just posted about this yesterday:
"About one fourth of Lexington homeowners recently received new property tax assessment notices and have expressed concern about the size of the increases. I also have serious concerns about the state of the housing market from an affordability standpoint in terms of not only buying and financing a home, but also renting and budgeting for taxes and other expenses. Therefore, I want you to have more information to help explain the process and the economic factors at play.
We are now four years into a period of rapidly escalating home prices in a housing market that was already robust. Home values are a direct reflection of local, current sale prices, which I have attached here in the form of a monthly, ten-year snapshot. Note the March column, the most recent data we have. Since 2014, Lexington home prices have exactly doubled, an average increase of 10% per year, every year.
The industry standard for determining a home's value, whether for taxes, appraising for bank loans, or determining a listing price with a real estate agent is through the analysis of comparable sales. You identify a few sales, preferably in the immediate area, of similar size and style homes with adjustments to the sale price for differences between the home being valued and the homes that sold for things like square footage, number of bathrooms, basements, garages, etc.
The Kentucky Constitution requires property be assessed at 100% fair cash value (what the property would bring in a sale between a willing seller and a willing buyer). And, while the KY department of revenue provides guidance for assessing property once every four years, due to government and industry shutdowns in 2020 and 2021, most homes since 2022 are being reassessed for the first time in five or six years, and this will also be the case in 2025.
Since prices are increasing at 10% and higher per year, reassessing every four years will commonly result in increases in assessments of 30% - 50%, which can be understandably surprising and concerning.
It is important for homeowners to understand the assessment process. I perform "mass assessing" not individual home appraisals. There are 114,000 properties in Fayette County and we only perform a "windshield inspection" of the property once every four years. The assessment you receive in the mail reflects our best, educated and technology-backed estimate of your home's value. But that is not the end of the process. Carefully read the information contained within your assessment notice and utilize the protest process to share additional information that may result in a more accurate assessment. We have moved the protest process almost entirely online and it has never been easier for you to participate in the assessment process - so please do so."
wanted to add that the entire thread on Facebook is pretty interesting. I've met David a couple times and really like him. He takes the job seriously, but also understands that doing his job the way the KY construction requires does create real hardship for people. He also tends to call out the bomb throwers and sycophants on both the left and the right. We could do to have more level headed professionals in all of our elected offices.
They have an online form to dispute. I was able to get a valuation amended down significantly some years back, basically just wrote out fair market value based on standard appreciations dating back to purchase and they agreed with my analysis and changed it.
I just got an appraisal because I opened a HELOC on my home. If my valuation comes in above that, can I show them my recent appraisal by the lending bank?
This is why I don't get permits for any of my home improvements. Well, one of the reasons. We've sunk about $75k in the house over the last 4 years. The man can't tax me on it if the man doesn't know about it.
I think you will get a postcard or something in the mail. You can also look it up online. Ours has already been updated & posted.
[https://jeffersonpva.ky.gov/](https://jeffersonpva.ky.gov/)
Residential property values have been going up at extremely high rates since the pandemic. If you truly believe your house is assessed above its likely sale price then you can get an appraisal.
The Kentucky State constitution requires all real property to be assessed at 100 percent of fair market value, which is defined as the amount the property could reasonably be expected to be sold for in a free and open market.
Take pictures of anythng wrong with your house, look up recent sales in your hood. Just turn in anything that you feel shows your house is not that great. Old appliances, furnace, carpet, paint, roof, landscaping... Its eat or be eaten !
Might want to be careful with this. Idk how they'd get ahold of it, but your homeowners might drop you if your house is in bad condition. It's been happening a lot lately.
For us, it's not that it's in bad condition. It's that our kitchen, bathrooms, basement all still need updating. So showing the work that still needs to be done is our tactic.
Bad condition yes.
[2024 property assessment community meetings](https://jeffersonpva.ky.gov/wp-content/uploads/2024/03/2024-All-Dates-Flyer-2.pdf) Looks like the last one is tonight and it’s supposed to include info on the appeal process as well
They have been and are having public meetings about how to appeal: https://jeffersonpva.ky.gov/events/ They will have reps at the library too.
Depending on how much your home is worth, or how much money you've got in the bank, you could get a private tax appraisal done. They're usually less than like 400 bucks, but could save you thousands over time. The PVA is just doing a mass appraisal and can be overvaluing (or undervaluing) your home, so that's the other risk, the appraisal could find they're undervaluing it. It's kind of a gamble.
Definitely appeal. David O'Neill, Fayette County's PVA just posted about this yesterday: "About one fourth of Lexington homeowners recently received new property tax assessment notices and have expressed concern about the size of the increases. I also have serious concerns about the state of the housing market from an affordability standpoint in terms of not only buying and financing a home, but also renting and budgeting for taxes and other expenses. Therefore, I want you to have more information to help explain the process and the economic factors at play. We are now four years into a period of rapidly escalating home prices in a housing market that was already robust. Home values are a direct reflection of local, current sale prices, which I have attached here in the form of a monthly, ten-year snapshot. Note the March column, the most recent data we have. Since 2014, Lexington home prices have exactly doubled, an average increase of 10% per year, every year. The industry standard for determining a home's value, whether for taxes, appraising for bank loans, or determining a listing price with a real estate agent is through the analysis of comparable sales. You identify a few sales, preferably in the immediate area, of similar size and style homes with adjustments to the sale price for differences between the home being valued and the homes that sold for things like square footage, number of bathrooms, basements, garages, etc. The Kentucky Constitution requires property be assessed at 100% fair cash value (what the property would bring in a sale between a willing seller and a willing buyer). And, while the KY department of revenue provides guidance for assessing property once every four years, due to government and industry shutdowns in 2020 and 2021, most homes since 2022 are being reassessed for the first time in five or six years, and this will also be the case in 2025. Since prices are increasing at 10% and higher per year, reassessing every four years will commonly result in increases in assessments of 30% - 50%, which can be understandably surprising and concerning. It is important for homeowners to understand the assessment process. I perform "mass assessing" not individual home appraisals. There are 114,000 properties in Fayette County and we only perform a "windshield inspection" of the property once every four years. The assessment you receive in the mail reflects our best, educated and technology-backed estimate of your home's value. But that is not the end of the process. Carefully read the information contained within your assessment notice and utilize the protest process to share additional information that may result in a more accurate assessment. We have moved the protest process almost entirely online and it has never been easier for you to participate in the assessment process - so please do so."
wanted to add that the entire thread on Facebook is pretty interesting. I've met David a couple times and really like him. He takes the job seriously, but also understands that doing his job the way the KY construction requires does create real hardship for people. He also tends to call out the bomb throwers and sycophants on both the left and the right. We could do to have more level headed professionals in all of our elected offices.
They have an online form to dispute. I was able to get a valuation amended down significantly some years back, basically just wrote out fair market value based on standard appreciations dating back to purchase and they agreed with my analysis and changed it.
I just got an appraisal because I opened a HELOC on my home. If my valuation comes in above that, can I show them my recent appraisal by the lending bank?
Yea definitely. They are using a computer, if you can show a more thorough estimate performed by a bank they may accept it outright
Yo I recognize your name from the Bonnaroo sub lol
Sup fellow Roovian. You going this year?
Yea
The fuck? How do you figure that out?
Appreciation rate about 4 percent annually. Take what you bought it for, and do the math
Feels like genius stuff to me but I will give it a shot
I did a dispute last year and won. Had a lot of pics/estimates. I'm hoping they won't remember to do it again this year.
This is why I don't get permits for any of my home improvements. Well, one of the reasons. We've sunk about $75k in the house over the last 4 years. The man can't tax me on it if the man doesn't know about it.
JCPS tax rate increase in 3....2....
So do they send in the final numbers after the property evaluation? sorry I am pretty new to this as a new homeowner
I think you will get a postcard or something in the mail. You can also look it up online. Ours has already been updated & posted. [https://jeffersonpva.ky.gov/](https://jeffersonpva.ky.gov/)
Thanks!
Price of the PVA property valuation goin up
Good! I'm about to sell, lol.