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
Dated: February 24 2022
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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!
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 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:
The assessed value of your property
The tax rates imposed at both the state and local levels
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.
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.
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!
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