Homeowners across Lexington are unexpectedly preparing to pay more in property taxes this year, but there are some options to decrease their bills.
Rita Kirk is known among her neighbors as the 'Mayor of Glenn Place'. If there's a problem on her street, she tries to address it.
"I'm retired, so I have more time to do that," said Kirk.
But being retired has also limited her income. That's why she's frustrated and speaking out on her own behalf about her most recent tax bill, which increased her tax liability by $29,300.
Even with her Homestead Exemption taking off the maximum $46,400, Kirk will have to turn to savings.
"If you don't pay your taxes, somebody is gonna take it. The city is gonna take it and they're gonna auction it off," said Kirk. "I'm 70 years old and I still do things like clean, make alterations, bake a cake, whatever I have to do."
She worries about seniors who can't do the same and will be forced to move.
"I can't make it on our social security and even with people that are retired like you said, everything is going up but our check is not going up, not as it's relevant," said Kirk.
Why?
Home prices have risen over the past 10 years. When home values rise, the taxable value can increase.
"If we only reassess you once every four years and some cases every five years, then increases of 30, 40 or even 50 percent are fairly common," said administrator O'Neill.
Kentucky law requires the property valuation administrator's office to assess properties at fair cash value.
Their staff analyzes recent sales in a neighborhood as opposed to an individual home.
"What's important for people to know is we do what's called mass assessing so we study sales in the neighborhood and take the knowledge that we learn from studying those sales and apply to all the houses that we know in the neighborhood. We don't do appraisals like an appraiser would," said O'Neill.
He is encouraging those with information, such as a recent appraisal or other information, like needed repairs, to contact their office so that their value can be adjusted.
Resources:
Homestead Exemption: https://fayettepva.com/wp-content/uploads/2019/06/homesteadapplication_new_and_improved-1.pdf
In Kentucky, homeowners who are at least 65 years of age or who have been classified as totally disabled and meet other requirements are eligible to receive a homestead exemption. This exemption is applied against the assessed value of their home and their property tax liability is computed on the assessment remaining after deducting the exemption amount.
Protest with PVA: https://protest.fayettepva.com/
You have until May 20 to file a protest. The PVA will contact you will their decision, which you can appeal with the county clerk's office.
Sheriff's Office:
https://www.fayettesheriff.com/?page_id=2120
Kentucky Homeowner Assistance Fund application: Homeowner Assistance Fund (ky.gov)
