Harold owns a home in Louisville and is concerned that his property has been over-assessed by the county property valuation administrator. He wants to formally challenge the assessed value. What is the first step Harold should take in the Kentucky property tax appeal process?
Correct Answer
C) Appeal to the local Board of Assessment Appeals in his county
Under KRS 133.120, a property owner who disagrees with the assessed value set by the Property Valuation Administrator (PVA) must first appeal to the county Board of Assessment Appeals. This local board is the initial administrative forum for challenging property assessments in Kentucky, and the taxpayer must exhaust this remedy before proceeding to higher levels of appeal.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Depreciation is an accounting method of allocating the cost of an asset over its useful life, allowing investors to deduct a portion of the asset's cost each year.
Highest and best use is an appraisal concept that identifies the most profitable, legally permitted, physically possible, and financially feasible use of a property. It is the foundation of all property valuation.
Homestead portability allows homeowners to transfer a portion of their accumulated homestead tax savings to a new homestead in the same state.
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