How is assessed value determined in Kentucky?

Despite the recent housing market collapse, Kentucky continues to attract new home buyers. Known for its robust job market, diverse economy, and affordable cost of living, the Bluegrass State remains an appealing place to live and work.

The average Kentucky homeowner pays just $1,382 each year in property taxes, well below the $2,795 national median. However, property taxes vary by county. Campbell County has the highest property tax rates in the state, while Carter County has the lowest.

In addition to local property taxes, the state’s unified sales and use tax rate is 6.5%. The tax applies to most tangible personal property and services, except for tobacco products, alcoholic beverages, gasoline, motor fuels, and utility power services.

As part of a recent state legislative overhaul, the sales and use tax law was amended to expand the scope of items subject to the tax. For instance, the tax now includes extended warranty services, certain rental car agreements, and some digital goods. Moreover, the sales tax on hotel rooms was increased from 5% to 6%.

Efficient Kentucky Property Transactions

If you’re interested in buying Efficient Kentucky Property Transactions a commercial property in the Bluegrass State, be sure to check out the Kentucky Commercial Real Estate Alliance (KCREA). This service enables commercial practitioners to list properties on a nationwide basis while connecting with potential buyers locally. The KCREA also offers a range of educational and networking opportunities.

The KCREA’s membership base includes real estate investors, developers, brokers, and agents. Members can access a variety of tools to assist them in their Kentucky real estate transactions, including property valuations, financial analysis, and marketing strategies. In addition, the KCREA provides a comprehensive database of property sales and leases.

Moreover, the KCREA’s real estate professionals can help you find the perfect investment property for your business. Their expertise can help you save money and make the best decision for your needs.

A local property tax appeal is a great way to reduce your Kentucky real estate taxes. The process is relatively quick and simple, but you must be willing to take the risk. In most cases, you will only get one chance to appeal your property values each year, so you should make sure that you are ready to go. The typical appeal process begins with a two-week “Open Inspection Period” that typically starts in early May.

Property owners and/or PVAs can appeal their property assessments by filing a notice of appeal with their local PVA within 30 days of the mailing date of the local BAA’s decision. Once the appeal is filed, the parties can issue discovery and retain experts, if necessary, to present evidence at a full evidentiary hearing before the KBTA. If the KBTA decides that your property has been incorrectly assessed, it will issue a revised tax bill. A successful appeal will result in a reduction or elimination of your property taxes. If you are unsure whether or not an appeal is worth the risk, consult with an attorney.