PVA Opens Conferencing on April 27th at Noon

2018 OPEN INSPECTION PERIOD AND PVA CONFERENCE DATES

The 2018 Open Inspection Period begins on May 7, 2018 and ends on May 21, 2018.

During this time, Jefferson County Property Owners are allowed to conference their property assessment with the Jefferson County PVA.

CONSTITUTIONAL AND STATUTORY PROVISIONS

The Kentucky Constitution, Amendments 169 through 182, establishes the Commonwealth’s taxing and assessment powers.  The Kentucky General Assembly in Kentucky Revised Statutes, sections 132133, and 134 established the rules and procedures governing property tax administration, including the appeal process.

RESIDENTIAL ASSESSMENT

The Jefferson County PVA estimates value for over 260,000 residential properties. To accomplish this task, automated valuation models are generated using a computer assisted mass appraisal (CAMA) system. The CAMA system uses the cost approach in conjunction with data from valid “arm’s-length” transactions to study specific neighborhoods. The Residential Department is staffed with trained deputies who review more than 32,000 transfers of residential parcels each year. These transfers are examined and characteristics such as size, age and location are analyzed to estimate value. To ensure a fair and equitable assessment, the CAMA system is monitored and updated with recent sale information.

COMMERCIAL ASSESSMENT

Over 23,000 commercial properties located in Jefferson County are assessed annually by the PVA using a market (or sales), cost, or income approach to value.  Property assessments are based on the method that represents the property’s best use and highest value.  Values are determined with the assistance of a computer-assisted mass appraisal (CAMA) system.  PVA research, local market and property characteristic data are applied to CAMA.  CAMA utilizes the data to produce assessments at current fair market value.  Depreciation factors and other adjustments that influence value are also applied in CAMA when applicable.  CAMA is closely monitored by PVA for quality control.

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