KAM Members,
An important reminder that the first week of May is for more than Derby, as Kentucky’s annual two-week period for real property tax appeals starts very soon on May 1, 2023. If the local property valuation administrators (PVA) decide to increase the value of your real property (land, buildings, and improvements) for 2023 property tax purposes, the PVA will be sending a Notice of Assessment in early or mid-April notifying you of this increase and your right to appeal. While the PVA is required to reassess every taxpayer’s property every four years, the PVA is also likely to increase the value of your property for various other reasons at any time, including if you recently expanded your manufacturing or offices facilities, acquired a new business, made major improvements to your land or property, or if there have been nearby sales or developments around your facilities. The PVAs will look back to activities that took place between January 1, 2022, to December 31, 2022, for such 2023 property tax increases.
It is very important to be on the lookout for these Notices as they can oftentimes be mailed to a plant rather than business offices, and if you miss the two-week period to appeal an increase, which generally runs from May 1-May 15, 2023, in most Kentucky jurisdictions, you lose your ability to appeal and must pay the resulting increased taxes this year and try to appeal it in 2024. You can also proactively search through your local PVA’s website to check if your values have increased, as most of their websites become free/open to the public in late April.
If you have any questions whatsoever, please feel free to reach out to me to help you through the process. Also, here is a link to a more detailed ARTICLE of mine on this subject for additional insight and help. Thank you.
Sincerely,
Daniel Mudd
Chair, KAM Tax and Fiscal Policy Committee
Partner, Frost Brown Todd LLP
[email protected]
502-779-8148
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