The P.V.A. office is a Kentucky State Office with the county jurisdiction. The PVA is the locally elected official who is charged with appraising all property both real and personal. There are some exceptions, such as public service companies, bank shares, and omitted tangible properties, which are valued by the Department of Revenue in Frankfort.
General misconceptions about the assessor’s office.
The pva is not responsible for
- Determining tax rates
- Calculating taxes
- Collecting taxes
P.V.A.”s are concerned about 100% fair market value. The KY. Constitution requires equality and uniformity through fair cash value assessments. Fair cash value is defined as the price that a piece of property will bring in a fair voluntary sale between a willing buyer and seller.
All property, unless specifically exempt by the constitution, is taxable. The constitution expressly prohibits exemption of any property or persons except those allowed by the constitution itself. Thus, taxation is the rule and exemption is the exception. Currently, examples of such exemptions are the homestead exception for age 65 and older. Disability for 100% totally disabled individuals, some religious, educational, and governmental properties. Formal application must be made with the PVA office before any exemption can be granted.
Why are some assessments unequal? This is the most common situation.
- A property sells and the actual sale price is used to set the assessed value
- Similar property, often located in the same neighborhood, has not sold in many years. It has an older assessment.
- the properties are equal but assessments are not.