(Lexington, KY) – Fayette County Property Valuation Administrator (PVA) David O’Neill today announced the completion and certification of the 2010 Property Tax Roll, which includes a modest 1% increase in the overall tax base from one year ago.
“I would hope the citizens of Fayette County view the news of stable property rolls as positive,” O’Neill said. However, he urges the taxing jurisdictions—including Fayette County Public Schools and Lexington-Fayette Urban County Government—to adjust their financial statements for a basically flat revenue stream and resist the urge to raise tax rates.
“Your PVA staff worked hard to sustain the health of the tax roll and administer fair and equitable assessments during a challenging economic climate, and your revenue stream from property taxes is intact. But the modest increase year-over-year should not be misconstrued as an indicator that our taxpayers and local economy would tolerate a tax increase.”
Certification of the tax roll by the Department of Revenue initiates the process by which various taxing jurisdictions will set their tax rates. The Department of Revenue annually certifies each county’s tax roll, effectively providing official state approval on the PVA offices’ property assessments.
The Fayette County tax roll was certified on July 19 for a total equalized assessment of real estate in the amount of $22.3 billion, compared to $22.07 billion certified in 2009. For 2010, no properties received increased assessments except those that were sold or improved.
David O’Neill was appointed by Governor Steve Beshear on February 11, 2009 to fill the unexpired term of Fayette County PVA. The Kentucky Constitution designates the PVA offices as the administrators of "ad valorem" taxes, including residential, tangible and commercial property taxes as well as setting taxable values on vehicles and watercraft. The Fayette PVA Office is dedicated to assessing property in the most fair, equitable and timely manner possible.