Assessed values change from one year to the next for a variety of reasons including the sale of the property, addition or removal of a homestead or other exemption, renovation or a neighborhood reassessment due to market conditions. Each of Fayette County’s roughly 300 assessment areas or "PVA Neighborhoods" is reviewed and typically reassessed every four years based on a Kentucky Department of Revenue mandated quadrennial plan.
This year for the first time, many homeowners will receive an assessment notice that will include a map of recent sales in their immediate neighborhood. Neighborhood sales are the primary driver for reassessments. Property owners will now have this information readily available to aid them in making informed decisions regarding whether to request a further review or possible appeal of their new property assessment.
Your assessment notice indicates what the Fayette County PVA determined your property is worth as of January 1, 2017. The Kentucky Constitution requires all property be assessed at 100% Fair Cash Value unless otherwise exempted. Fair Cash Value is the most probable sale price in a competitive and open market, with a knowledgeable and willing buyer and seller. The Taxable Value is the value on which property taxes will be based. The PVA Office does not set tax rates or collect property tax payments.
If you do not agree with the Fair Cash Value, please call (859) 246-2722 or visit the PVA Office located at 101 E. Vine Street, Suite 600, NO LATER THAN MAY 15, 2017. Office hours are 8:00a.m. to 4:30 p.m. Monday - Friday. You must speak with a designated PVA
staff member by May 15 in order to appeal your property assessment.
When conferencing with the PVA, helpful supporting information would include sales of comparable properties, recent appraisals, photographs, insurance policies, construction costs, listings for sale and/or contracts. ALL CONFERENCES MUST BE HELD PRIOR TO THE END OF THE OPEN INSPECTION PERIOD ON MONDAY, MAY 15, 2017.
If an agreement on value is not reached with the PVA Office, you may appeal in writing to the Local Board of Tax Appeals, Office of the Fayette County Clerk, 162 E. Main Street, Lexington, KY 40507. The appeal must be made to the Clerk’s Office no later than Tuesday, May 16, 2017 (KRS133.045). Appeals filed by a paid representative must include a letter of authorization from the property owner.
Click here for more information on farmland assessments.
Personal property taxpayers shall be served notice under the provisions of KRS 132.450(4) and shall have the protest and appeal rights granted under the provisions of KRS 131.110.
The following steps should be taken when a taxpayer does not agree with the assessed value of personal property as determined by the PVA.
He/She must list under protest (for certification) what he/she believes to be the fair cash value of their property.
He/She must file a written protest directly with the Department of Revenue, Office of Property Valuation within 45 days from the date of the notice of the assessment.
This protest must be in accordance with KRS 131.110.
The final decision of the Department of Revenue may be appealed to the Kentucky Board of Tax Appeals.