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MERCER COUNTY

PROPERTY VALUATION ADMINISTRATOR

  
 
        
 
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 Tax Payer InfoGeneral Info     October 21, 2014  
General Information Minimize

 The Assessment Process

The purpose of a property tax is to fairly distribute the necessary tax burden among all property owners based upon the market value of their property. Properties are appraised so that some of the costs associated with providing services, such as public education, fire and police protection, roads and utilities, can be allocated to property owners in proportion to the market value of their individual properties. 

 The Appeals Process

Section 172 of the Constitution of Kentucky requires that all property be assessed for taxation at its fair cash value. The assessment date is January 1 of each year. Fair cash value is defined as the price a piece of property would bring with a voluntary sale and a willing buyer and seller. 

 Assessment Methods 

Market Value is how much property would sell for, in an open market, under normal conditions. Before assessing any parcel of property, the PVA estimates its market value. 

 Motor Vehicle Tax 

The centralized system for property tax assessments on motor vehicles is a piggyback program supported by the Automated Vehicle Information System (AVIS). 

 Real Property

All real property commonly known as real estate is assessed. KRS.132.690 states that each parcel of taxable real property or interest therein subject to assessment by the property valuation administrator shall be assessed annually by the PVA at its fair cash value in accordance with standards prescribed by the Revenue Cabinet. 

 Tangible Property

Tangible personal property is physical property, usually movable, that has value and utility in and of itself (examples: trade tools, fixtures, office equipment, inventory). 

 

  
 
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