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The PVA office is a state office with county jurisdiction. The PVA is a locally elected official who is charged with appraising all property, both real and personal, that lies within Kenton County. There are some exceptions, such as public service companies, bank shares and omitted tangible property which are valued by the state Revenue Cabinet in Frankfort.
Fair Cash Value is defined as the price that a piece of property will bring in afair voluntary sale between a willing seller and a willing buyer.The PVA office does not set property tax rates nor do they collect property taxes. The Kentucky Constitution requires equality and uniformity through fair cash value assessments.
All property, unless specifically exempt by the Constitution, is taxable. The Constitution expressly prohibits exemption of any property or persons except those allowed by the Constitution itself. Thus, taxation is the rule and exemption is the exception. Currently, examples of such exceptions are the Homestead Exemption for age 65 and older,Disability for 100% totally disabled individuals, some religious, educational, and governmental properties, etc. Formal application must be made with the PVA office before any exemption can be granted.
Real property, by definition, includes:
Residential lots and acreage including improvements.
Farms or acreage, including improvements.
Commercial and industrial lots and acreage, including improvements.
Mineral (oil, gas, limestone, coal, etc.) and timber properties, including the rights conveyed to these types of property, both developed and undeveloped.
Tangible Personal Property, by definition, includes:
Physical items which are the subject of ownership, except real and intangible property. Non-business, personal household items, livestock, etc. are excluded.
Generally, tangible personal property is always attributed to property used in a "business". Some specific items of businesses that are subject to valuation by the PVA are tools, furniture, fixtures, inventories, goods in process, manufacturing equipment and machinery, etc. For tangible personal property of this type, there are prescribed forms that must be completed by the taxpayer.
Motor vehicles are valued by the PVA in conjunction with the state's Kentucky Vehicle Identification System (KVIS). The base value is the "blue book" trade-in value with adjustments being made for high mileage and/or physical damage.
The assessment date for the valuation of all property is January 1.
The PVA office must use all legal means at their disposal in order to arrive at the fair cash value. This includes sales and cost data, physical inspections, financial data, audits, etc.
Statutes further require the PVA to revalue property on an annual (January 1) basis in order to maintain fair cash value assessments for both old and new property. Much of this "maintenance of assessments" is conducted by use of computer generated model data. In addition, the PVA must physically examine all parcels in the county every four years so that verification of previously generated values and improvement data are accurate.
Note: classification of real property does not take precedence over local zoning laws.
PLEASE SEE THE ADDITIONAL PAGES WITHIN THIS SITE FOR SPECIFIC TOPICS OF INTEREST TO YOU AND FOR THOSE ITEMS DISCUSSED ON THIS PAGE.
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