The Property Valuation Administrator assesses the Fair Market Value of property to be taxed. A Kentucky Property Valuation Administrator (PVA) is a locally elected official whose primary duty is to equitably assess the value of real and personal property. The Constitution of Kentucky requires that “All property not exempted from taxation by this Constitution shall be assessed for taxation at its Fair Cash Value, estimated at the price it would bring at a fair voluntary sale.” This means that all property, unless specifically exempted by this Constitution, is taxable. Some exceptions are public service companies, bank shares, omitted tangible properties and vehicles, all values which the Kentucky Revenue Cabinet assigns in Frankfort.
In addition to assessing property, the PVA office also tracks ownership changes, maintains maps, updates building characteristics and administers exemptions for applicable property and/or taxpayers. We are also responsible for listing assessments of all tangible personal property as of January 1st. However, the KY Department of Revenue provides standardized values for all automobiles, recreational vehicles, watercraft, etc for property tax purposes. We may make value adjustments based on high mileage or other various circumstances.
What We Do NOT Do:
- Make laws affecting property owners
- Set property tax rates
- Collect property taxes