How is Real Property Assessed?
Market Value is how much property would sell for, in an open market, under normal conditions. Before assessing any parcel of property, the assessor estimates its market value. To estimate market values, the assessor must be familiar with all aspects of the local real estate market, such as: what different properties are selling for, local construction and repair costs, normal operating expenses, typical rents, and current financing charges for borrowing money to buy or build property.
A property’s value can be determined in three different ways:
- Property is compared to others similar to it that have sold recently, using only sales where buyer and seller both acted without undue pressure. This method is called the market approach and is normally used to value residential, vacant, and farm properties.
- The second way is to calculate what it would cost, using today’s labor and material prices, to replace the structure with a similar one. If the structure is not new, the assessor determines how much it has depreciated since it was built. The resulting value is added to an estimate of the market value of the land. This method is used to value special purpose and utility properties and is called the cost approach.
- The third way is to analyze how much income a property, like an apartment building, a store, or a factory will produce if rented. Operating expenses, insurance, maintenance costs, financing terms, and how much money owners expect to make on this type of property, are considered. This is the income approach.
How can I lower my taxes?
Properties can be revalued with the following information:
- Recent appraisals
- Insurance policies
- Sales of similar properties
The PVA will evaluate the information you provide and compare with sales information available in the office.
How do I apply for an exemption?
An exemption may be granted for age (for persons 65 years of age and older) and disability (if you can provide the PVA office with the required proof of disability documentation.
Please see the age/disability exemption page for specific information.
What documentation do I need to apply for an exemption?
The Property Valuation Office requires documentation verifying age. Appropriate documentation might include birth certificates or driver’s licenses. When applying for the disability exemption, you will need official documentation verifying total disability and proof that payments are being issued for the disability.
Please see the age/disability exemption page for specific information.
Why is the PVA in my area?
The PVA is responsible for reviewing all properties in the county as well as adding new construction and remodeling to the assessment rolls. Review of properties in the county may be taking place at any time.
Why do I need documentation on a junked, wrecked, or stolen vehicle?
The Kentucky Department of Revenue requires PVAs to have documentation on any motor vehicle or boat that is taken off the tax roll. A bill of sale, receipt from a junk or salvage yard, or an accident report is acceptable proof.
Where do I pay my taxes?
The PVA Office does not accept payment for taxes. All property taxes are paid to the Carroll County Sheriff’s Office. Except, the City of Carrollton tax bills.
CARROLL COUNTY SHERIFF
(502) 732-7010
All of City of Carrollton property taxes are paid to the City of Carrollton.
CITY OF CARROLLTON
(502) 732-7060
How do I find out information about a certain property?
The PVA website offers a basic property search that will help you find basic information about properties. If you are looking for more detailed information, we offer full access options with more detailed information such as transfer history, property photos, sketches, improvement characteristics, sales search, tax information and GIS maps.
See the Property Search Quick Link for more information.
How do I learn how much a certain property sold for?
The PVA’s Subscription Service allows you to view the transfer history for any property, perform a sales search or view a list of property sales for a specific date range. Sales search allows you to search by sale price and date range, acreage, year built, type of sale, neighborhood, limit to qualified sales and other features.
See the Property Search Quick Link for more information.
How do I know if I’m eligible to apply for an assessment exemption?
You can find out if you’re eligible for an exemption in the Exemptions section of this website.
How do I dispute my property assessment?
Each year, you can appeal your current property assessment. Contact the PVA office for more information.
How do I fix incorrect information about my property?
Contact us if the PVA office has information about your property that is inaccurate to ensure it is corrected.
How do I add, change or remove the name on my property or tax bill?
The Carroll County Sheriff’s Department and the City of Carrollton are responsible for the collection of the tax bills. However, all name changes are made in the PVA office. If you wish to add, change, or remove a name on your property record and/or tax bill, you must record an official document such as a deed or will with the Carroll County Clerk’s office. Contact the PVA office for more information.
How is an assessment made?
The Property Valuation Administrator’s duties are to discover, list and value all properties within the county. Property not exempted from taxation is to be assessed for taxation at its fair cash value, estimated at the price it would bring at a fair voluntary sale. The PVA is charged with assessing all property equitably and accurately. Learn more by visiting the Real Property Information and Personal Property Information pages on this website.
Why did my assessment go up this year?
Your assessment is often based on what comparable homes are selling for in your neighborhood. Our office strives to keep up with the fair cash value of property in the county. Sometimes the reality is that market values have increased in your area. We would be happy to meet with you any time to discuss the sales and reasons behind your assessment.
Why does the person down the road with all the land have a lower value than mine?
The person down the road from you with over ten acres may have a lower value because they qualify for the agricultural exemption.
If I purchase property after January 1st, when will I get a tax bill?
If you purchased property after January 1st of any tax year, you will not receive a tax bill in your name, until the following year. Depending on when you purchased the property, your name will appear as an in care of, or not at all until the next year. However, depending on your closing statement, you may be required to pay the tax bill in the previous owner’s name. This should be an adjustment of your closing costs and determined at the time of closing.
What does the tax rate consist of?
The tax rate consists of a state tax rate, a county tax rate, a city tax rate (if applicable), a library tax rate, a health department tax rate, an extension office tax rate, a fire district tax rate (if applicable) and a school district tax rate.
I moved into my house in February, why can’t I get the homestead until next year?
Real Estate taxes are determined as of January 1st. You will not be eligible for the Homestead Exemption until you own and occupy the residence on January 1st.
I bought my house in April for less than the tax bill says. Why do I have to pay a higher amount?
Real Estate taxes are determined as of January 1st. This is the value placed on your property at the beginning of the tax year. Your real estate taxes may be adjusted for the purchase price the following tax year. However, you are responsible for paying the entire amount of the tax bill.
The neighbor next door gets a discount? Why don’t I?
Your neighbor may be getting a Homestead Exemption because they are 65 or older or totally disabled.
Can I get the Homestead Exemption for Commercial Property?
You may get an age/disability exemption for commercial property only if you own and live in the building as your primary residence.
What determines the assessment of vehicles?
All automobiles, trucks, boats, boat trailers, motorcycles and recreational vehicles must be assessed as of January 1 of each year. The state uses NADA trade in value and they are taxed in the county of registration.
I do not agree with the value of my vehicle. How can I get it lowered?
The PVA may be able to lower the value of your vehicle if you have excessive mileage or damage.
I have either sold a vehicle or moved out of state. What should I do now?
To remove your vehicle from the tax roll, you can supply the PVA with either:
- A copy of a bill of sale, or
- A copy of the front and back of the KY title indicating you transferred the vehicle. If you moved out of state, you may provide the PVA with a copy of your new title, or a copy of your registration.
My car went out of state. Why didn’t that state notify you?
Other states do not make Kentucky aware when a vehicle is transferred out-of-state. Unfortunately, you have to contact the PVA office and/or County Clerk’s office to ensure that the vehicle has been properly removed from the Kentucky tax system.
Where did the assessed value on my tangible returns come from?
Your tangible property assessed value is based on the tangible return you filed with the PVA office in May.