News & Insights

Kentucky Real Property Inspection Period – Tax Year 2020

Tax Development May 14, 2020

The Kentucky Department of Revenue has delayed the real property inspection period by 60 days, changing the new inspection period to July 6–20.Normally in the spring, counties in Kentucky hold their annual inspection period during the first two weeks of May, beginning on the first Monday and ending on the third Monday. This year, the Kentucky Department of Revenue (DOR) delayed the real property inspection period by 60 days. The 2020 real property inspection period is now July 6–20. These revised dates are statewide; however, some counties may start earlier. All jurisdictions must keep their inspection periods open until July 20. The DOR also pushed back the tangible personal property filing due date by 60 days. Personal property returns are now due by July 15.

Any taxpayer (or taxpayer’s representative) desiring to appeal an assessment must first hold a conference during the open inspection period with the Property Value Administrator (PVA). Conferences can be held in person or by telephone. Any taxpayer still aggrieved by an assessment after complying with the provisions of the inspection period procedure may appeal to the Board of Assessment Appeals (BOAA). The appeal must be filed with the county clerk no later than one workday following the conclusion of the inspection period. BOAA hearings typically occur in June and July. This year, the tax calendar timeframe will be pushed back because of the delays related to COVID-19. County tax bills are typically released in the fall, with the gross amount due by December 31. Two percent early payment discounts are typically offered, and those due dates can vary. We expect the timing for tax bills to remain the same or similar to prior years. Any property still under appeal when tax bills are released will receive a temporary bill based on the taxpayer’s opinion of value from the initial appeal filed with the clerk’s office. A final tax bill will be issued to true up the taxes once the appeal is finalized. Interest on the supplemental amount due will apply.

Jefferson County (Louisville Market)

Jefferson County had planned to reassess the Central Business District of downtown Louisville. Hotels were expected to be one of the major properties to be reassessed. The Jefferson County PVA has indicated that they do not intend to follow through with the reassessment for tax year 2020 due to the COVID-19 issues. Reassessments in response to deeds filed in calendar year 2019 will likely occur as usual, which will be based on the declared value from the deed. The 2020 values will be available online by June 26, with an inspection period of June 26–July 20. All conferences will be held in their online portal, which is the same process that has been in place for several years.

Boone County (Cincinnati Market)

Boone County had planned to reassess hotels in 2020. The Boone County PVA has informed us that, in response to COVID-19, the hotel reassessment has been postponed and will likely occur in 2021. They have also indicated that apartments may be reviewed in place of hotels this year, but a final decision has not yet been made. Reassessments in response to deeds filed in calendar year 2019 will occur as usual, which will be based on the declared value from the deed. The 2020 values should be available online by June 30 and will be observing the statewide inspection period of July 6–20. There will be no in-person meetings during the inspection period this year.

Fayette County (Lexington Market)

Fayette County plans to reassess industrial properties, parking decks/lots, and some miscellaneous commercial properties (i.e., veterinary clinics, daycare centers) in 2020. Reassessments in response to deeds filed in calendar year 2019 through February 2020 will occur as usual, which will be based on the declared value from the deed. The 2020 values should be available online by mid-June and will be observing the statewide inspection period of July 6–20. There will be no in-person meetings during the inspection period this year.

Franklin County (Frankfort Market)

Franklin County had planned to reassess properties located in the far western portion of the county, which primarily consists of farmland, in 2020. The Franklin County PVA has informed us that in response to COVID-19, the reassessment has not been completed, and at this time, it is unknown whether the reassessment will resume or be postponed until 2021. Reassessments in response to deeds filed in calendar year 2019 will occur as usual, which will be based on the declared value from the deed. The 2020 values should be available online by June 1 and will be observing the statewide inspection period of July 6–20. There will be no in-person meetings during the inspection period this year.

TECHNICAL INFORMATION CONTACTS:

Brad Wallace
Principal
Ryan
404.942.6346
brad.wallace@ryan.com

Dwayne Vaughn
Director
Ryan
404.942.6352
dwayne.vaughn@ryan.com

Chris Langston
Manager
Ryan
404.942.6341
chris.langston@ryan.com

Adam Travis
Manager
Ryan
404.942.6360
adam.travis@ryan.com

The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at info@ryan.com.