Why Reassess?
Property Tax in Kentucky was established June 1, 1792, the date the state was created.
The Kentucky Constitution and KRS 143.450, which is enforced by the Department of
Revenue, require that all property must be assessed at fair market value. We are working
hard, using the most advanced computer equipment, to comply with the law.
If two pieces of property are equal, they should be assessed equally.
It's Fair. It's the Law.
What's the Problem?
When equal property is assessed equally, at fair market value, there is no problem. The
problem comes when two comparable properties, like numbers 3 and 4 above, have different
valuations.
What is being done to solve the problem?
All taxable real estate in Whitley County is being revalued to ensure that everyone is treated
fairly and equally. Our systematic approach will revalue property, equalize assessments and
comply with state laws.
What requires that property be revalued?
The Kentucky constitution. The Kentucky Revenue Cabinet monitors and enforces compliance
with the law. All property must be revalued each year and must be physically examined at least
once every four years.
What is "Fair market value?"
It is the estimated prices that a willing buyer would pay and a willing seller would accept. In
other words, it is an estimate of how much a property is really worth.
How can I estimate what is the "fair market value" of my property?
Simply look at similar properties that have sold recently. This will give you a good idea of the
value of your home or property.
Why are some assessments unequal?
This is the most common situation.
1.
A property sells and the actual sale price is used to set the assessed value.
2.
Similar property, often located in the same neighborhood, has not sold in many years. It
has an older assessment that is not as high as the "fair market value" established by the
property that sold.
3.
The properties are equal, but the assessments are not.
200 Main Street, 2nd Floor - Courthouse
Williamsburg, KY 40769
Phone: (606) 549-6008, 549-6009
Fax: (606) 549-6042
pva@whitleypva.com