All existing residential and commercial structures at least 25 years old may qualify for a reassessment moratorium if:
- The cost of the improvements made to the structure to repair, rehabilitate, restore or stabilize it equal at least 25% of the value of the improvements, as based on the latest assessment made by the Jefferson County PVA office; or
- The qualifying property is within a “target area,” a census tract where at least 70% of the residents living in the tract have income below 80% of the median income for Jefferson County, or
- 20% of the residents living in that tract have incomes below the poverty level. The cost of the improvements in this case must be at least 10% of the value of the improvements to the property based on the PVA’s latest assessment.
The assessment moratorium program was established by Section 172B of the Kentucky Constitution in 1982 in order to provide incentives for repairing, rehabilitating, restoring or stabilizing qualifying residential and commercial buildings in Kentucky by deferring the value of the effort from the taxable assessment.
The basic statutes governing the moratorium are KRS 99.595, KRS 99.600 and KRS 99.605. Jefferson County has participated in a moratorium program since 1983, the program was continued by the Louisville-Jefferson County Metro Government by ordinance 154.01-154.98, Property Assessment and Reassessment Moratorium Programs.
The moratorium program is administered by the Metro Government Inspections Permits and Licensing Department, (IPL) and the Jefferson County Property Valuation Office (PVA). Certain guidelines and standards must be met before a moratorium is approved.