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The exemption your neighbor may be getting is a statutory exemption based on age, disability or agriculture.
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Kenton County Property Valuation Administrator’s (PVA) responsibilities are to discover, list and value all properties within the county. Property not exempted from taxation is to be assessed for taxation at its fair cash value, estimated at the price it would bring at a fair voluntary sale. The PVA is charged with assessing all property equitably and accurately. Learn more about the Property Assessment process.
All real property is subject to being revalued every year and all real property parcels must be physically inspected by the PVA office no less than once every four years. To meet this statutory obligation, the county is broken up into four parts and ¼ of the county is inspected each year in accordance with an approved Quadrennial Examination Schedule.
Additionally, property owners do not need to make improvements to their property for their assessment to change. Since the assessed value is to reflect fair cash value, as real estate values rise or fall, the assessed value will follow. All properties do not change by the same percentage. Factors in the market place like supply, demand, interest rates, and amenities determine the value of your property.
Other reasons for a change in assessed value include additions to your property or permanent damage to your property. Property owners have a responsibility to report any changes made to their property that could affect value to the Property Valuation Administrator (PVA).
Remember, the PVA does not create value. It is the PVA’s legal responsibility to discover and estimate the worth of all property. Transactions that occur in the market place determine value.
The person down the street from you with acreage may have a lower value because they qualify for an Agricultural and Horticultural Exemption.
Property (usually defined as 10 or more contiguous acres actively used for an agricultural purpose) has a specific agricultural land value and is not taxed the same as residential land. It is designed by statute to provide for a preferential assessment/taxation on farmland. A Horticultural exemption may also be granted for qualifying land with 5 or more acres.
If you purchased property after January 1, you may not receive a tax bill in your name until the following year depending on when you purchased the property. Your name may appear as a c/o or not at all.
However, depending on your closing statement, you may be required to pay the tax bill in the "previous owner’s name". This should be determined at the time of closing and the adjustment should be reflected in your closing costs. Tax pro-rations are typically based upon the most recent tax bill available.
Pursuant to KRS 133.045, the real property tax roll is open for inspection for 13 days beginning on the first Monday in May each year. Once the open inspection period ends and the PVA’s assessments are certified by the Department of Revenue, no adjustments can be made to the real property tax roll for that year. Learn more about the Appeal Process.
The tax rate varies according to the location of the property. The total tax rate consists of a state tax, a county tax, a city tax (if applicable), a library tax, a health tax, an extension office rate, health rate, a fire district rate and a school district rate. The PVA does not determine or set tax rates or collect any taxes. For tax information, please contact the appropriate taxing entities such as the school district, city, county and fire district or visit www.kcor.org.
Real estate values are determined as of the assessment date, January 1 of each year. If you purchased your home after January 1 for a lesser value than that on the tax bill, please contact our office at 859-391-1750. We may be able to adjust your value for the following year.
See: If I buy property after January 1, when will I get a tax bill?
The Homestead/Disability Exemption for assessment years 2023 and 2024 is $46,350, which reduces the taxable value each year for both county and city taxes. The exemption is determined by the state every 2 years.
You may get a Homestead/Disability Exemption for Commercial Property only if you own AND occupy the building (e.g. you live on the second floor of the commercial building). Learn more about the Homestead/Disability Exemption.
If the trust is irrevocable in nature, the legal and equitable title to the real property has been transferred to the trust and this cannot be reversed. Under the terms of this type of trust, the original property owners typically relinquish their ownership rights to the real property and when this is the case, no homestead exemption can continue to be granted. However, if the trust states that there is an exclusive rent-free use arrangement of the residence retained for the lifetime of the owner and that all expenses related to the residence continue to be the responsibility of the original owners, then the homestead can be granted. The PVA Office is happy to review trust agreements to determine eligibility.
Our office often receives questions about escrow accounts. Generally, it is the practice of title companies to estimate initial escrow figures based on the last available tax bill. If there is a substantial increase in value since the previous year and the title company based its estimate on the lower value, it can create an escrow shortage. Another example would be: suppose you bought a newly-built house in 2021. The tax assessment on the property for 2020 may only take into consideration the land value. But, when the property is assessed again, it will include the land value plus the value of your home, which will increase your property taxes and, as a result, increase your escrow payment. For information regarding your particular escrow account, please contact your lender directly. (Please note that taxes and bills are handled by the Sheriff’s Office.)