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.
TECHNICAL INFORMATION CONTACTS:
Brad Wallace
Principal
Ryan
404.942.6346
brad.wallace@ryan.com
Chris Langston
Senior Manager
Ryan
404.942.6341
chris.langston@ryan.com
The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at info@ryan.com.
- Topics
- Brad Wallace
- Property Tax
- Kentucky