Louisville residents explore appeal process after PVA reassess more than 80,000 homes

LOUISVILLE, Ky. (WDRB) -- Ramona Fisher's home in Cherokee Triangle is one of more than 80,000 in Louisville that was reassessed this year, causing a sizable property tax hike.

"We kind of knew that this was gonna go up," Fisher said Monday. "I mean, it was kind of inevitable."

Homeowners in Louisville neighborhoods stretching from Butchertown to Fisherville are looking at substantial increases in the tax value of their properties this year — and thus, higher property taxes for years to come. The reassessments are required by law.

"We work hard to get our assessments right, but we don't know every detail about property," Jefferson County PVA Colleen Younger said.

The parts of Louisville that the PVA office is revaluing in 2024 have seen about a 20% increase in the price of the typical home since 2021, the last time tax values were systematically adjusted in those areas, according to WDRB News' analysis of statistics provided by the Greater Louisville Association of Realtors.

Younger, whose office is responsible for setting the "fair cash value" of real estate for property taxes, wouldn't reveal a median or typical increase homeowners in the reassessment areas are facing this year.

She also declined to say whether the increases reflected in the Realtors' data are an accurate proxy for changes in assessments.

"I am reluctant to comment on that in such a broad sense because in valuation, properties can vary greatly based on characteristics, location, hot markets, etc.," she told WDRB News in an email. "It's almost impossible to extrapolate from such a broad statistic how an individual property's value will change."

However, Younger has suggested that homeowners may experience sticker shock when the new values are released, a consequence of the competitive homes market.

Mortgage rates have doubled in the last couple of years, but the supply of homes for sale in Louisville has barely budged, meaning prices haven't come down.

As of March, the Louisville market had about a two months' supply of available homes, about one-third the level that agents consider a healthy market, according to Realtors' statistics.

Younger said many homes are still commanding multiple offers and substantial premiums to their listed prices.

"We're still in a market where bidding like that is going on ... which obviously drives those median values up," Younger told an audience at a public meeting April 9.

Meanwhile, the areas being revalued this year comprise "one of the hottest markets in town," she said.

PVA officials have said in the neighborhoods getting reassessed, home values reflect an overall increase of $5.9 billion. However, homeowners can appeal the new assessment if they don't think it's correct.

The new values were posted to the Jefferson PVA website April 26. They will also be mailed out to homeowners. You have until May 20 to file an appeal.

PVA staff will be available to assist property owners at the following locations:

Jeffersontown Regional Library Branch

Weekdays, 10 a.m. to 4 p.m. April 26 to May 20
Closing Day: Monday, May 20, 10 a.m. to 4 p.m.

Highlands/Shelby Park Library Branch

Monday, Wednesday, and Fridays April 29 to May 20, 10 a.m. to 4 p.m.
Closing Day: Monday, May 20, 10 a.m. to 4 p.m.

St. Matthews Eline Library

Tuesdays and Thursdays April 30 to May 16, 10 a.m. to 4 p.m.
Closing Day: Monday, May 20, 10 a.m. to 4 p.m.

PVA Office - 815 W Market St, Suite 400

In-office appointments (502-574-6224) Monday to Friday, 8 a.m. to 4 p.m. through May 20
Saturdays May 11 and 18, 9 a.m. to 1 p.m.

Evening Hours

St. Matthews City Hall: Tuesday May 7, 5-7 p.m.
Jeffersontown City Hall: Tuesday May 14, 5-7 p.m.

Telephone conferences are available for those unable to travel for in-person assistance. Appointments for teleconferences can be made by calling the PVA office at 502-574-6224.

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