The Jefferson County Property Valuation Administrator’s office is eliminating a tax break policy that previously benefited people who buy residential investment properties.
PVA Colleen Younger, who took office in December 2018, said that not all property owners received the discount, and that didn’t sit right with her office.
“I feel strongly that this discount was wrong,” she said.
The policy has been in place since 2005. It took 15 percent off the assessed value of the investment property, meaning that the city collected less tax revenue from those properties compared to non-investment purchases.
The announcement Friday included information about the reassessment of properties in some neighborhoods, including Old Louisville, Valley Station, Portland and Russell. The PVA assesses different areas of the city every year, with the goal of reassessing each neighborhood every four years.
Pending assessment appeals, the countywide property value, has increased by a total of $3,229,580,523 or about 5 percent, per the PVA office. This includes reassessments, as well as all residential and commercial sales.
The neighborhoods that saw the greatest increase in value were Old Louisville (20.46 percent) and Shively (20.07 percent). Portland’s value increased 17.27 percent and Russell’s increased by 11.68 percent.
The PVA office is also expanding the window during which property owners can conference with representatives to begin appealing their recent reassessments. They’re required by statute to allow 13 days, but will expand that to 23 days. Property owners have until the end of the day on May 20 to start the conferencing process.
People looking to appeal can begin the conferencing process online, or in person at the PVA office downtown. The office is also offering in-person assistance at three local library branches — Shawnee, Shively and Southwest.