Fayette County property tax bills are out. Here’s how you can get a bit of a discount
By now, Fayette County property owners should have received their annual property tax bills, officially due by Tuesday, Dec. 31.
The amount shouldn’t necessarily come as a shock, considering the office of the Fayette County Property Valuation Administrator mails out assessment notices every spring. Those taxable home values are based on a number of factors, including Lexington’s hot housing market.
While it’s too late to appeal your property’s assessed value for 2024, you still have time to get a 2% discount on your tax bill. Here’s a quick look at why you might be seeing an increase to your home’s value and tax bill, how to take advantage of the discount and when you can next appeal your assessment.
Why might I be seeing an increase in my bill this year?
As of Sept. 26, the Fayette County Sheriff’s Office had mailed this year’s property tax bills, according to a news release from the agency. The office mailed 120,242 tax bills with a total face value of $491,787,426.36.
According to Fayette County PVA David O’Neill, the overall taxable value for all property in the county this year totals $37,505,905,601.
Fayette County’s PVA office conducts rotating assessments on a four-year basis, which often doesn’t keep up with Lexington’s hot housing market. For 2024, O’Neill told the Herald-Leader in an email about 25,000 homes were reassessed in the county’s central zone, or “basically everything inside New Circle Road.”
“For 2025, the reassessments will be almost entirely on the south side of town outside New Circle Road,” O’Neill wrote.
Furthermore, according to O’Neill, assessments are “100% driven by the housing market.”
“The reason someone would be seeing an increase is because we reassess every house every four years valuing them at their fair market value. There’s nothing unusual happening, other than home sale prices are increasing faster than usual due to the housing market,” O’Neill continued.
If your assessment hasn’t changed since the coronavirus pandemic, then it’s likely you’ll be included in the 2025 reassessment. Once those notices go out in the spring, property owners can protest their taxable values, typically between April 15 to May 20.
However, it’s also worth noting you can still appeal your assessment during that period even if the value of your home hasn’t changed recently.
As O’Neill recently explained in a write-up for Smiley Pete Publishing, each tax year stands on its own and any property owner may protest any of their properties every year. The property’s value does not have to have changed before a protest can be issued.
While this year’s “open inspection period” has come and gone, the Fayette County PVA’s official website notes property owners can request a future review of their assessment by completing an online form or calling 859-246-2722.
How to get a discount on your property tax bill
If you pay your property tax bill and it’s received by the sheriff’s office by Friday, Nov. 1, you’ll get a 2% discount. Payments made by Dec. 31 will be at face value. Any payments made beyond that date will incur penalties.
Taxpayers can make their payments in person at the Fayette County Sheriff’s Office, located in Suite 236 in the Fayette District court building at 150 North Limestone. They can also pay by mail or online at fayettesheriff.com.
Taxpayers can also pay their bills at any Lexington Republic Bank location with their payment coupon. If you haven’t received your property tax bill yet, call the sheriff’s property tax division at 859-252-1771 to get a copy.
If you’re an older or disabled homeowner, you can also consider applying for Kentucky’s Homestead Exemption, which can significantly reduce your annual property tax bill.
As explained by the Kentucky Department of Revenue, the dollar amount of the Homestead Exemption is applied against the assessed value of your home. The amount you owe in property taxes is calculated based on the remaining assessment after deducting the exempted amount.
For the 2023-24 tax year, the exemption is up to $46,350. The amount is recalculated every two years to account for inflation.
Do you have a question about Lexington or greater Kentucky for our service journalism team? We’d like to hear from you. Fill out our Know Your Kentucky form or email ask@herald-leader.com.
This story was originally published October 14, 2024 at 6:00 AM.