McCreary County
Property Valuation Administrator
© 2014 by The McCreary County PVA & qpublic.net
Frequently Asked Questions
When is the assessment date in Kentucky?
January 1 is the assessment date in Kentucky. The assessment of all property, real or personal, is based on the January 1 assessment
date. Therefore, if a house burned or was damaged on January 2 or any date following in the year, the full fair cash value would
remain for that year.
What requires that property be revalued?
The Kentucky constitution requires that property be revalued. The Kentucky Department of Revenue monitors and enforces
compliance with this law. All property must be revalued each year and must be physically examined at lease once every four years.
Why does assessed value change from year to year?
When the market changes, so does value. For instance, if you were to increase the total fair cash value of your property by building an
addition, the value would increase proportionately. Similarly, should your property's value be decreased by fire, the value will decrease
to reflect the downward effect on your property's fair cash value. The entire community's economy and forces of supply and demand
will also affect your property's assessed value.
Why are some assessments unequal?
This is the most common situation.
date. Therefore, if a house burned or was damaged on January 2 or any date following in the year, the full fair cash value would
remain for that year.
What requires that property be revalued?
The Kentucky constitution requires that property be revalued. The Kentucky Department of Revenue monitors and enforces
compliance with this law. All property must be revalued each year and must be physically examined at lease once every four years.
Why does assessed value change from year to year?
When the market changes, so does value. For instance, if you were to increase the total fair cash value of your property by building an
addition, the value would increase proportionately. Similarly, should your property's value be decreased by fire, the value will decrease
to reflect the downward effect on your property's fair cash value. The entire community's economy and forces of supply and demand
will also affect your property's assessed value.
Why are some assessments unequal?
This is the most common situation.
(Sold 11 years ago)
70,000
(Sold 7 years ago)
90,000
(Sold 4 years ago)
105,000
(Sold last year)
120,000
1.
A property sells and the actual sale price is used to set the assessed value.
2.
Similar property, often located in the same neighborhood, has not sold in many
years. It has an older assessment that is not as high as the "fair market value"
established by the property that sold.
3.
The properties are equal, but the assessments are not.
What exemptions are homeowners eligible for?
Section 170 of the Kentucky Constitution grants taxpayers the right to file for homestead exemption. There are two
types of homestead exemption in Kentucky.
1.
Senior Citizens, ages 65 or older.
2.
Totally Disabled taxpayers.
What are MY rights and responsibilities?
If your opinion of the value of your property differs from the PVA, then go to PVA Office and discuss the matter. If the
information the PVA Office has needs to be updated, the PVA Office will review and make any adjustments if
applicable. We will answer any questions about appealing your assessment to the Local Board of Tax Appeals, if we
cannot come to an agreement on a value.
Appeals Information
information the PVA Office has needs to be updated, the PVA Office will review and make any adjustments if
applicable. We will answer any questions about appealing your assessment to the Local Board of Tax Appeals, if we
cannot come to an agreement on a value.
Appeals Information
