The Boone County PVA is a locally elected official who is charged with assessing all property, both real and personal, with the following exceptions that are valued by the Kentucky Department of Revenue in Frankfort: public service companies, bank shares, omitted tangible property, and vehicles. The PVA’s most complex task is the appraisal of all real estate in the county for listing on the property assessment roll. Tracking ownership changes, maintaining maps, updating building characteristics, and administering proper exemptions for real property are also continuing duties of the PVA office.
The Kentucky Constitution requires equality and uniformity through fair market value assessments. Fair market value is defined as the price a piece of property will bring in a fair voluntary sale between a willing seller and a willing buyer. The assessment date for the valuation of all property is January 1st.
Your Property Valuation Administrator’s office does not set property tax rates, nor does it collect property taxes. The office only assesses the "fair market value" of property to be taxed. There are two components that determine your property tax bill: assessed value and tax rate. Taxing authorities such as city, county, and state governments, as well as school boards, determine the tax rate. State law caps total revenue increases by most taxing authorities at no more than 4% higher than the previous year. Tax rates roll back when the cap is reached.
All property, unless specifically exempt by the Kentucky Constitution, is taxable. The Constitution expressly prohibits exemption of any property or persons unless allowed by the Constitution itself. Thus, taxation is the rule and exemption is the exception. Examples of such exceptions include the Homestead Exemption for property owners age 65 and older, the Disability Exemption for individuals who are totally disabled, and certain religious, educational and government properties. Formal applications must be submitted to the PVA office or the Kentucky Department of Revenue before any exemptions can be granted.
PVA responsibilities also include listing assessments of all tangible personal property as of January 1st of each year. Tangible returns must be filed annually by May 15th. Returns postmarked after May 15th are forwarded to the Kentucky Department of Revenue, Office of Property Valuation for billing. Statutory penalties of 10% for voluntary listings and 20% for involuntary listings will be applied.
The Kentucky Department of Revenue provides standardized values for all automobiles, recreational vehicles, watercraft, et cetera for property tax purposes. The PVA may make value adjustments due to high mileage or costs to repair damage incurred in the tax year.