- Assessment basis
- 100% FAIR CASH VALUE — 'the price it would bring at a fair voluntary sale' (Constitution §172, unchanged since 1891 and enforced since Russman v. Luckett, 1965). No fractional ratios.
- Reassessment cycle
- 120 elected PROPERTY VALUATION ADMINISTRATORS (PVAs) under Department of Revenue oversight value everything except state-assessed public service companies. 100% FAIR CASH VALUE (Constitution §172, since 1891) — revalued ANNUALLY as of January 1, physical inspection at least every four years. Consolidated governments: Louisville-Jefferson Metro, Lexington-Fayette Urban County. Sheriff collects; the county CLERK receives appeals.
- Reassessment trigger
- Every January 1 — no cycles to wait out and no sale mechanics; values float with the market while HB 44 pushes rates the other way: the COMPENSATING RATE holds revenue flat, a public hearing is needed to take up to 4% more, and anything above 4% faces VOTER RECALL by petition.
- Personal & intangible property
- Tangible personal property taxed — returns (Form 62A500) due MAY 15, no extensions. The classified-rate structure is the industrial story: manufacturing machinery pays a STATE-ONLY 15¢ rate that local districts cannot touch; farm machinery and intangibles are fully exempt (KRS 132.096).
- CRE forecasting note
- Run the calendar: the entire challenge window is the thirteen-day OPEN INSPECTION PERIOD from the first Monday in May, and a CONFERENCE WITH THE PVA during it is the mandatory first step (KRS 133.120) — miss the conference, lose the year. File with the county CLERK within one business day of the close; the local Board of Assessment Appeals hears it, then the state board, then the courts. Two traps: refusing requested documentation gets the appeal DENIED, and paid representatives need written authorization with contingency fees disclosed. Site selection: machinery at state-only rates escapes every local levy. Jefferson runs extended inspection dates.
- Residential note
- The HOMESTEAD EXEMPTION for homeowners 65+ or totally disabled shields $49,100 of value for 2025-26 (re-indexed every two years; Form 62A350 with the PVA — disabled filers under the state's presumption generally need not refile annually). No separate veterans' exemption exists — veterans qualify through age or disability. To challenge a value: talk to the PVA during the May open inspection period first (it's required), then file with the county clerk within one business day of the period's close.
APPEAL DEADLINE — Thirteen-day May window; PVA CONFERENCE is a mandatory prerequisite; filing is with the county CLERK one business day after close; refusing requested documents = denial; paid representatives need written authorization.
REVENUE DRIVEN RATES — HB 44: compensating rate baseline, public hearing to reach +4%, VOTER RECALL above it — values float annually while rates roll back.
SPLIT RATE — Classified rates: manufacturing machinery pays a STATE-ONLY preferential rate (15¢) exempt from local districts; farm machinery and intangibles fully exempt (KRS 132.096, 2023).
FILING REQUIRED RELIEF — Homestead $49,100 (65+/disabled) via Form 62A350; TPP returns due MAY 15 with no extensions; exemption applications required.
STATE ASSESSED — Public service companies (utilities, railroads) are valued by the Department of Revenue, not the county PVA.
Primary sources: KY DOR official assessment-process page; Lincoln/Warren/Rowan/Laurel PVA official pages; DOR PVA Administration Manual; Jefferson County PVA; DOR PVA Directory 2022-2026 (all 120 offices); KRS 132/133/136; HB 44 (as of 2026-07-05). Confirm current rules and figures with the assessing authority before any use.