REAL ESTATE PRICES REMAIN STRONG
Your 2022 assessed value is based on sales activity thru the end of 2021. The 2022 assessed value will be used to calculate the 2022 tax bill which will be mailed in late October. Keep in mind that assessed values follow market prices and the median residential sale price in Scott County increased 14% in 2021 and has increased 23% over the last two years. (CLICK FOR MEDIAN HISTORY) Per the Lexington Bluegrass Association of Realtors, thru May 31, the median sale price of a single family home in Scott County is is $277,000, 10% greater than same time last year. Sales activity occurring this year will be used in
the 2023 assessments.
PROPERTY TAX QUESTIONS?
To promote better understanding of the Property Tax Process , the Kentucky Department of Revenue has developed a nice property tax website at https://revenue.ky.gov/Property
It explains the property tax process, the tax calendar, assessments, tax rates and the billing process.
Check it out. I think you will find it informative. And remember your PVA staff is available to help with any property tax questions you may have too.
We are here Monday thru Friday 8:30-4:30
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