Real Change For Property Tax Process Up To Kentucky Lawmakers
The appeals period for the latest round of Louisville property tax assessments closes at the end of this month. Some appeals will be successful, but others will not.
This means a number of Louisville property owners are facing a looming property tax bill this year that may be larger than years before, and possibly out of their budget.
Jefferson County Property Valuation Administrator’s Office staff said the residents have several recourses, but any significant changes will likely have to come from state lawmakers.
Residents in various parts of Louisville, including the Highlands and Butchertown, have reported that their property values rose by as much as 150 percent or even more.
Colleen Younger, chief of staff in the PVA’s office, said property owners will have another opportunity to appeal in July, this time to their local assessment board.
“The local board is definitely a very, very good way to go to the next level and bring more evidence and more substantiation to get your property value lowered,”
But Younger said real change to how much a tax bill can increase over one year is up to state lawmakers.
“That’s where it lies, and it would be in the hands of the lawmakers in Frankfort,” Younger said. “That’s why we have to do what we do, it’s because the constitution tells us to do that.”
Some property owners are already planning to meet with state lawmakers.
Residents can also appeal to the Kentucky Board of Tax Appeal and a circuit court if a local appeal changes. But that level of appeal requires an attorney. Younger said commercial real estate investors typically utilize that option.
Disabled or retired residents also have the option of a homestead exemption. The exemption removes $36,900 of an assessment value for homeowners 65 years or older who own and occupy the property as your primary residence prior to Jan. 1.