LOUISVILLE, Ky. (WDRB) — Every four years, homes in Jefferson County undergo a property assessment, and, for many homeowners this year, the new values are bringing sticker shock.
Many residents have celebrated neighbors selling homes above asking price or watched bidding wars unfold in their neighborhoods. But those soaring home prices are now translating into higher property tax assessments.
Tom Keith said his home's assessed value jumped more than 32%.
"My assessment went up 32.3%," Keith said.
Keith expected an increase of around 25%. Instead, the value of his home rose from $354,000 to $469,000. He estimates that could add about $200 a month to his mortgage payment.
"When the PVA came out and said those could be as high as 20% to 25%, OK," Keith said. "But to me, 33% and 50% seems excessive."
Every house in Jefferson County is reassessed once every four years. Jefferson County Property Valuation Administrator Colleen Younger said rising market values are driving the increases.
"Value is climbing, and the reason it is climbing is because median values are continuing," Younger said. "There aren’t enough properties on the market."
Younger said they sent out just under 70,000 notices, and about 66,000 of those are residential.
This year's reassessment area includes a large portion of eastern Jefferson County. Younger said it covers MLS Areas 8 and 9, including Middletown, Anchorage, Lyndon and several nearby home rule cities.
"It's a very large area," Younger said.
Keith said the reassessments are hitting his neighborhood especially hard. One neighbor told WDRB his assessment increased by 50%. Another said theirs rose 51 percent.
Keith, who has lived in the neighborhood for nearly 6 years, said he welcomes rising home values— but not the size of the increase.
"Don't get me wrong. I am happy that my property value is going up," Keith said. "I'm not happy with the excessive amount of the assessment."
Younger said about 95% of homeowners who appeal their assessments now do so online through the PVA website. Residents can upload documents and other evidence to support their case.
"This year it's probably gone up somewhere between 20% and 25%," Younger said.
"We also have staffers on hand at the Middletown City Hall, and they will be there every day, Monday through Friday, 9 a.m. to 4 p.m. throughout the reassessment period, which expires May 18th."
Keith has already filed an appeal and said the process typically takes about 10 days.
"Typically, it takes ten days. And then if you're not satisfied with the result, you can file another appeal," Keith said.
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