Assessment of Property Value

If approved for a moratorium certificate, the qualifying property’s pre-renovation assessed value will hold for a period of five years for purposes of the local tax levy.

The moratorium will become effective on the assessment date next following the issuance of the moratorium certificate. In Kentucky, that date is January 1. The state rate, school rate and non-participating governments will continue to apply rates at the annually adjusted assessed value.

Remember, the property tax break created by the moratorium program applies only to the local tax rates. The ‘frozen’ or moratorium value is delivered to the jurisdiction that participates in the moratorium program. An annual assessed value or ‘fair market value’ of the completed improvements will be delivered to the Commonwealth and other non-participating agencies, ex. Schools.

Completion of Improvements

Upon notice by the applicant to Metro Inspections, Permits and Licensing (IPL) that the work on the property has been completed, IPL will conduct an on-site inspection of the property to certify that the improvements described in the application have been completed.

IPL will then certify to the Property Valuation Administrator that the improvements have been completed and the moratorium certificate shall be issued. No moratorium certificate will be issued on a property in which there are delinquent Metro tax bills.