Everything You Need to Know About Property Taxes in Kentucky

Dated: February 24 2022

Views: 185

Everything You Need to Know About Property Taxes in Kentucky

As a real estate property owner in Kentucky, it's important to stay up-to-date on the latest information about property taxes. This article will provide an overview of the property tax system in Kentucky, including property tax rates, administration and assessment, tax collection, and available exemptions in property taxes in Kentucky. Read on to learn more!

Property Tax Rate

The 2021 State Real Property Tax Rate has been set by the Kentucky Department of Revenue (DOR) at 11.9 cents per $100 of assessed valuation.

Property Tax Administration & Assessment

Property taxes in Kentucky are administered and collected by the local county or city governments. The tax rates vary from one locality to another, but they’re typically based on the property value and the type of use (residential, commercial, etc.). 

The Property Valuation Administrator (PVA) department is the local official responsible for assessing and evaluating property assets in each county. 

Kentucky has a progressive property tax system, which means that the amount of taxes you owe is determined by two factors: 

  1. The assessed value of your property 

  2. The tax rates imposed at both the state and local levels

Tax Collection

Usually, the tax bill is sent to the property owner; however, in specific cases, it is sent to the tenant instead. The tax bill must be paid by the due date, typically December 31st or January 31st.

Property Tax Exemptions 

The following are exempt from property taxes under Section 170 of the Kentucky Constitution:

  • Government properties

  • Educational institutions

  • Religious institutions

  • Public libraries

  • Non-profit cemeteries 

  • Public charity institutions

Moreover, the Kentucky Constitution allows homestead exemption based on age (65 or above) and disability to primary residence owners in property taxes in Kentucky. The homestead exemption for 2021 and 2022 is $40,500.

Need consultation in property tax assessment or exemption?

If you need help navigating the property tax process in Kentucky, our team is here to assist. We offer detailed consultation in property tax assessment and exemption proceedings. Give us a call today at 859-797-4007 — we would be happy to help!

Blog author image

Daniel David

"SELL OR BUY A HOME IN LEXINGTON, KY MADE SIMPLE As an agent who’s an expert in Lexington, Kentucky Real Estate, I bring a wealth of knowledge and expertise about buying and selling real estate in t....

Latest Blog Posts

The Top 3 Pitfalls to Avoid When Selling Your Home in Nicholasville, Kentucky

When you're selling your home, it's essential to be aware of the potential pitfalls that can occur during the process. If you're not careful, you could lose money or take much longer to sell than

Read More

4 Reasons to Have Your Home Inspected Before Listing in Kentucky

Are you thinking of selling your home? If so, it's essential to have it inspected beforehand.A home inspection is an objective evaluation of a home's condition. It can identify problems that need to

Read More

The 3 Most Common Mistakes to Avoid When Buying a Home

It's no secret that buying a home can be complicated and stressful. There are many things to consider, and it's quite easy to make mistakes. But by being aware of what not to do, you can ensure a

Read More

How to Invest in Lexington Real Estate with a Syndication Strategy

Most people think real estate investment is simply buying a property using personal equity or mortgages and becoming a landlord. However, there are other, more sophisticated ways to invest in real

Read More