Fair Market Value is the price a property would bring in an open market with a willing buyer and a willing seller, with neither party under duress, given a reasonable amount of time on the market. KRS 132.690 requires each real property parcel be assessed annually and physically inspected no less than once every four years. The PVA does not set market value. Our task is to analyze the market and insure that assessments of unsold properties follow the market determined by buyers and sellers. Kentucky property tax laws establishes the assessment date as of January 1st.
All property is assessed as of that date.
Ownership of property for tax purposes is also January 1. If a property is purchased after that date, state statue requires the tax bill be issued in the name of the Jan 1 owner. An attempt is made to mail the tax bill to the new owner using the information provided to us by the deed from the buyer to the seller.