By Brad Wallace
Counties across Kentucky will issue their 2022 values during the month of April, but an assessment notice will only be mailed if a change in value occurs. The major markets conduct quadrennial reassessments that vary by property type or location, depending on jurisdiction. Overall, roughly 25% of the tax base is reassessed each year.
The effects of the pandemic are still evident in many areas across the state, potentially leading to an overassessment of properties in struggling areas outside of the major markets. In addition, the hospitality and industrial properties may see significant increases. Hotels are being reviewed annually in most jurisdictions, potentially resulting in above-market assessments for a recovering industry. The industrial market remains strong, and owners in certain markets (such as Lexington, Kentucky) should expect to see significant increases for the current year.
The 2022 statewide mandatory informal period (inspection period) will begin May 2 and conclude on May 16. If interested in contesting the 2022 fair market value (FMV), taxpayers must have an informal discussion with the local Property Value Administrator (PVA) during the inspection period. Once a conference occurs, the taxpayer can either accept the results or file a formal appeal to the local Board of Assessment Appeals. Some jurisdictions can request a delayed inspection period, resulting in a small number of jurisdictions that will have a later appeal window.
The local tax experts at Ryan are here to help. We recommend early reviews of your financial and property metrics to proactively prepare for the short appeal season. Contact us today if you have questions or need assistance with tax minimization across Kentucky.
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