With Kentucky home values rising, some property owners are about to get a dose of sticker shock

Republished from WEKU.

Some Kentuckians are dealing with sticker shock after receiving their property tax assessments. Carmen Eldridge Swim has been the Rowan County Property Valuation Administrator since 2010. She said residents whose assessments have increased will receive notice the last week of April – and since real estate prices started rising dramatically in 2020, many people have gotten them.

“Since property valuations are based on fair market value, those increasing sale prices are what are driving property values for taxation purposes.”

Eldridge Swim said her staff looks at three years of sales in the area when reassessing property to make sure they’re seeing a valid trend – and she encourages people who are unhappy with their bill to contact her office.

“There are valid formulas, there is real math behind those values, and we’re happy to share that with them.”

In Kentucky, property tax bills aren’t due until the end of the year, but folks who get them to their county sheriff before November 1 get a 2 percent discount.

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Originally published by WEKU.

Republished with permission.