Real property is defined as the interest, benefit and rights in the ownership of land and any improvement on the land. All residential and commercial real estate is considered real property.
Real property must be assessed at 100% fair cash value unless specifically exempted by the Kentucky Constitution. Fair cash value is the price a property would bring in an open market with a willing buyer and a willing seller, with neither party under duress, given a reasonable amount of time on the market. The PVA does not set market value but analyzes the market and insures that assessments of unsold properties follow the market determined by buyers and sellers.
KRS 132.690 requires each real property parcel be assessed annually and be physically inspected no less than once every four years
Kentucky property tax laws establish the assessment date as January 1, and all property in the Commonwealth of Kentucky is assessed at fair cash value as of that date. Ownership of property for tax purposes is also January 1. If a property is purchased after that date, state statute requires the tax bill to be issued in the name of the January 1 owner. The PVA office makes every reasonable attempt to mail the tax bill to the new owner using the information provided to us by the deed from the buyer to the seller.
If an owner does not receive a copy of the tax bill, he or she may contact the Fayette County Sheriff's Office at (859) 252-1771.