This is an official copy of the following document. The PVA performs many time consuming tasks, including the revaluation and district coding of city automobiles.
Valuation refers to the process of determining the value in money of specified property.
Assessment refers to the determination of tax liability. Exempt property of charitable institutions, for example, is not assessed at all, even though the PVA may place a valuation on it. Thus the total assessment for a county may differ from the total valuation for that county. KRS 132.590 bases the PVA's compensation on the county's assessment, not on the county's valuation. We conclude therefore that the statute requires that the compensation be based on the taxable assessment rather than on the fair cash value of the property in the county.