Over 260,000 residential properties located in Jefferson County are assessed by PVA annually using a market (or sales) approach to value. Property sales in Jefferson County are researched annually and valid sales (fair arm’s-length transactions) are verified. When a sale price is accepted by PVA as a valid sale, it represents the property value for approximately 2 years. A valid “arms length transaction” is considered as: a property that is sold at “fair cash value” between a willing Seller and a willing Buyer after being advertised on the Open Market. Property Comparison Worksheets are included with the Conference Form for Residential and Commercial properties. For more information on how to find valid sales, view the Sales Search Tutorial.All valid sales are compiled and applied into a computer-assisted mass appraisal (CAMA) system. CAMA utilizes valid sales, and property characteristics such as location, lot size, square footage of improvements (house, garage, outbuildings, pavement, fencing, etc.), number of bedrooms and bathrooms, age and condition, etc. in order to value comparable properties 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.
PVA field inspections are an important part of achieving equitable property assessments. The inspection verifies property identification and ensures a correct listing of property characteristics.
PVA field inspectors are authorized by statute to inspect real property in Jefferson County (KRS 132.450 (1)). PVA is required by statute to inspect property at least once every 4 years (KRS 132.690 (1)).
A PVA field inspection is assigned when a property sells, a building or wrecking permit is issued, a property is damaged, or by request of the property owner. Field inspections are made Monday through Friday between 8:00 a.m. and 4:00 p.m. Field inspectors can be identified by their PVA identification badge and/or shirt or jacket with PVA logo. The field inspector’s vehicle can be identified by a magnetic sign that displays PVA logo. Upon arriving at an inspection site, the field inspector first announces his arrival to the property owner and/or occupant. If the occupant is a minor, the inspector will return on another day. In the absence of the property owner or resident, the field inspector has the legal right to complete the exterior inspection. However, an interior inspection of residential and farm buildings cannot be conducted in the absence or without permission of the property owner or resident (KRS 132.220 (3)). Upon completion, confirmation of the inspection is left at the property. The property owner’s assistance during an inspection results in a more accurate inspection and resulting property assessment. Measurements of exterior dimensions of improvements are made, characteristics are identified and listed, conditions are determined and recorded, photos are taken and improvements are sketched. Exterior measurements of property improvements are made based on standards by The American National Standards Institute (ANSI). All information collected at the inspection is entered into the property record stored in the CAMA system.