Property Tax assessments are just that. They are not market value indicators. In this day & age of real estate applications online and valuation websites that attempt to comment on real estate market values, the property tax assessment often gets tossed about as though it's an appraiser's opinion of value. It isn't. Or worse, some consumers believe they should consider the tax assessed value for a property when they make an offer to purchase a home. This is false. Property tax assessed value is simply the amount of money on which your home is being taxed. There is a tax rate that is applied to the tax asssessed value, and that is how your property taxes are calculated. Simply put, property tax assessed value is irrelevant to judging market value.
What if your property tax assessed value is high? This used not to be the case as much as it is now. It used to be a given that tax assessed value was "low" in comparison to market value. Now there are areas of Louisville that are likely paying too much in property taxes in comparison to market value.
Each year, the Jefferson County Property Value Adminstration (PVA) allows a set period of time for property owners to appeal their property tax bill. If your property's tax assessment was altered, you should have received a notice in early April. If not, you can still appeal your property tax assessed value by setting up a conference at the PVA office during the Open Inspection Period which lasts for 13 days following the first Monday every May (includes two Saturdays). You can set up your conference beginning in early April.
If you believe your Jefferson County home is assessed too high, you'll need documentation to back that up. Here are some ways you can provide that documentation:
- Closed sales of similar properties to yours that have closed within the 18 months prior to January 1. The Thomas Group can help you with this. Just contact us, and we will look into it.
- If your home is commercial in the sense that it produces rental income, then you will need to also provide leasing information and expenses.
- Get an appraisal by a licensed Kentucky appraiser.
- Interior & exterior photographs of your home are required showcasing the condition of your property.
- If your home is currently for sale, you can provide a copy of your listing contract showing the price at which it is being marketed.
- You might share any estimates you have received on repairs that need to be made.
- Original construction costs or any improvements you've made that you feel could change the value of the home.
For more information, visit the Jefferson County PVA website or to ask our opinion of whether you should appeal, contact us.