The Property Valuation Administrator (PVA) in Jefferson County, Kentucky is responsible for assessing all taxable property within the county. Which of the following best describes the PVA's primary assessment obligation under Kentucky law?
Correct Answer
A) Assess all property at 100% of its fair cash value as of January 1 of each year
Under KRS 132.190 and KRS 132.191, the PVA is required to assess all taxable property at 100% of its fair cash value as of January 1 of each assessment year. Kentucky uses a uniform full-value assessment standard with no fractional ratios, and the January 1 assessment date is the statutory lien date and valuation date for all property tax purposes.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
The income approach estimates a property's value based on the income it generates by converting net operating income into a value estimate using a capitalization rate. It is the preferred method for income-producing properties.
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- → The income approach to appraisal is most commonly used for which type of property?
- → Which formula correctly calculates the capitalization rate?
- → External obsolescence in Oklahoma:
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- → Which of the following correctly lists the three types of depreciation recognized in real estate appraisal?
- → The sales comparison approach to appraisal is most commonly used for which type of property?
- → Which four tests must a use satisfy to qualify as the highest and best use of a property?
- → Three depreciation:
- → Cap rate:
- → Which formula best represents the cost approach to appraisal?
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