Northern Kentucky residents have cumulatively seen a spike in their property valuations throughout the past few weeks. Kenton County residents in Bromley, Covington, and Ludlow are opening their mail to find they received a jump in their home value from their Property Valuation Administration.
Campbell County cities Fort Thomas, Southgate, Wilder, and Woodlawn received the same increases as reported by LINK nky.
“The country as a whole has seen unprecedented increases in values, and Northern Kentucky is no exception,” Kenton County PVA Darlene Plummer said. “We have observed homes selling twice in one or two years for well over their purchase prices. That level of appreciation is not something I’ve experienced in my tenure as PVA.”
Unlike Campbell County, Kenton County requested an extension from the previous appeal deadline of Monday, May 16, to the new appeal deadline of Friday, May 20.
“As a state office, any extensions must be approved by the Department of Revenue,” Plummer said. “To allow ample time for property owners to receive their notices and hold a conference with the PVA office, we requested and were approved for an extension to May 20.”
If you live in Campbell County, the deadline is still Monday, May 16, and all appeals must be submitted by noon to be considered for review.
Although Bromley, Covington, and Ludlow were the only cities in Kenton County up for a valuation, other circumstances could warrant a change in your assessment, such as a recent sale, an addition to an existing home, and improvements like a new garage or upgrades of any sort.
The PVA office can only determine your valuation based on the outside of your home. They are legally not allowed to enter your house. Therefore, an appeals process is granted. If the inside of your home has not been updated or has damages, you can use that evidence that your property is not worth what it was valuated for.
Why are Bromley, Covington, and Ludlow the only cities in Kenton County affected?
“Each year, the PVA office is required to physically inspect approximately one-fourth of all real property in Kenton County,” Plummer said. “The area inspected is based upon a four-year quadrennial physical examination schedule or cycle, which must be approved in advance by the Department of Revenue (DOR.)”
As far as how large an increase to expect, Plummer said the increases are not identical. Assessments are based on fair market value, which is the price a property will bring in a voluntary sale between a willing seller and a willing buyer. Because the PVA is required to assess each property at 100% fair market value (as of Jan. 1), some properties may have increased over 100% while others experienced a much smaller or no increase.
If you are looking to contest your valuation with the PVA office, Plummer recommends preparing three items:
- A recent appraisal provided to the property owner
- Recent market sales and listings of comparable properties
- Photographs supporting condition and other evidence to support required maintenance
While Campbell County offices are still closed for walk-in appeals, the Kenton County PVA office is open for in-person appeals; however, Plummer said that email is the preferred method of communication due to the influx of requests. The PVA office is also holding conferences over the phone.
