PVA offices across Kentucky inspect and reassess about 25% of their county every year. In 2025, the McCracken County schedule is the tax districts of Outside Fire, Hendron, West McCracken, Concord and Melber. This represents 30% of the whole county.
State lawmakers require assessments be based on fair cash value which is defined as the price a property would bring at a fair and voluntary sale between a willing buyer and willing seller, neither under duress, given a reasonable amount of time on the market. Essentially, this means an estimate of what you could sell your property for.
Examples:
- Fair cash – Sale between two unrelated people after the property has been marketed for a short while. Typically, a Realtor assisted sale.
- Not fair cash – Foreclosure, auction, family transfer, estate sale.
Why is important that assessments be maintained accurately?
There are two reasons for this:
- Number 1, equality. If assessments are not maintained then the property tax system becomes unequal. This is the highest priority and is the reason PVAs must reassess frequently. Unequal assessments result in someone is paying more taxes than someone else.
- Number 2, audits. The Department of Revenue (DOR) performs audits to ensure assessments are equal. If the audit shows a high degree of unequal assessments, DOR will require the PVA to equalize assessments. This means the PVA will be required to raise assessments in a short period of time by many millions of dollars. For example, in 2020, the McCracken County PVA office was required to raise assessments $135M due to an audit that showed a high number of unequal assessments. If the PVA office failed to comply tax bills could not be mailed and the taxing entities (city, county, schools, library, etc) would not receive the revenue they need to operate. The end result would be failure to provide citizens the services they require such as roads and law enforcement.
Has my assessment increased and how much?
The first 3 rules of property value are “Location, location, location”. The amount depends on your location because assessments are based on neighborhood sales. Since COVID, housing prices and interest rates have been unusually high due to low housing supply and inflation. Home prices have increased significantly. Every time a home a sells in your neighborhood it helps determine the value of your home. It’s a double edged sword. While your home’s value has increased so have the taxes. The table below shows how much you can expect your home’s assessment to have increased.
How did you calculate my assessment?
We use a process called “mass appraisal”. In this process, we review recent sales from a neighborhood, calculate a median price per square foot and use that number to reassess every home in the neighborhood.
For example, if a neighborhood’s median is $100 per square foot and the size of the home is 2,000 square feet, the assessment is calculated as follows:
$100 x 2,000 = $200,000 + the lot value + any detached structure values.
The table below displays the current median calculated from home sales over the last few years in the neighborhoods that were reassessed. For homes in good/average condition the estimated value should be accurate. However, if the home is in less than good/average condition the estimated value is likely over estimated. In this case, an adjustment is required to compensate for condition or needed repairs.
How much should I expect my assessment to increase?
The table below shows the amount a home’s assessment may have changed since the last assessment. These values represent a home that is in good/average condition.
| Neighborhood | Residence Type | PPSF Range | Median | % Change |
|---|---|---|---|---|
| Ascot Downs | Single Family | $106-$154 | $125 | 19% |
| Broken Arrow | Single Family | $118-$157 | $133 | 19% |
| Brookhaven | Detached Single Family | $108-$151 | $129 | 9% |
| Brookhaven | Attached Single Family | $105-$196 | $146 | 8% |
| Carriage Park | Single Family | $109-$166 | $143 | 23% |
| Center Court | Townhomes | $122-$173 | $166 | 36% |
| Cimarron | Single Family | $123-$160 | $133 | 8% |
| Concord – Central | Single Family, Before 1970 | $66 – $107 | $86 | 28% |
| Concord – Central | Single Family, 1970-1999 | $71-$141 | $103 | 23% |
| Concord – Central | Single Family, After 1999 | $122-$166 | $156 | 23% |
| Concord – North | Single Family, Before 1970 | $42-$97 | $79 | 18% |
| Concord – North | Single Family, 1970-1999 | $80-$116 | $87 | 13% |
| Concord – South | Single Family, Before 1970 | $68-$99 | $83 | 24% |
| Concord – South | Single Family, 1970-1999 | $74-$125 | $109 | 30% |
| Concord – South | Single Family, After 1999 | $87-$154 | $135 | 11% |
| Country Club Investments | Single Family, On Golf Course | $120-$192 | $171 | 8% |
| Country Club Investments | Single Family, Off Golf Course | $88-$160 | $145 | 32% |
| Country Club Investments | Townhouse | $83-$148 | $117 | 11% |
| Denberry | Single Family | $101-$169 | $131 | 36% |
| Emerald Hills | Single Family | $101-$169 | $131 | 25% |
| Ferguson | Single Family | $123-$160 | $133 | 16% |
| Golden Meadows | Single Family | $100-$143 | $122 | 54% |
| Goodman | Single Family | $79-$125 | $114 | 34% |
| Harris | Single Family | $101-$169 | $131 | 7% |
| Hendron – N I-24, W Old Mayfield Rd | Single Family, Before 1970 | $84-$120 | $99 | 22% |
| Hendron – N I-24, W Old Mayfield Rd | Single Family, 1970-1999 | $99-$141 | $118 | 40% |
| Hendron – South I-24 | Single Family, Before 1970 | $48-$146 | $91 | 72% |
| Hendron – South I-24 | Single Family, 1970-1999 | $89-$181 | $116 | 47% |
| Hendron – South I-24 | Single Family, After 1999 | $112-$225 | $127 | 35% |
| Hunter’s Trace | Single Family | $123-$160 | $133 | 1% |
| Joann Estates | Single Family | $93-$141 | $116 | 30% |
| Joshua’s haven | Single Family | $119-$150 | $125 | 7% |
| Lake Forest | Single Family & Townhouses, No finished basement, built before 2005 | $102 – $170 | $129 | 13% |
| Lake Forest | Single Family & Townhouses, With finished basement, built before 2005 | $102 – $128 | $109 | |
| Lake Forest | Single Family, No finished basement, built after 2004 | |||
| Marshall Ridge | Single Family | $101-$169 | $131 | 9% |
| Meadowlink Condos | Condos | $103-$216 | $154 | 23% |
| Meadowlink | Attached Single Family | $102-$135 | $113 | 26% |
| Old Harris | Single Family | $93-$141 | $116 | 30% |
| Oxford | Single Family | $101-$169 | $131 | 36% |
| Pace Place | Single Family | $84-$146 | $115 | 22% |
| Pleasant Acres | Single Family | $86-$117 | $96 | 30% |
| Red Elm | Single Family | $58-$109 | $77 | 18% |
| Shiloh Place | Single Family | $101-$150 | $116 | 8% |
| Springbrook Manor | Single Family | $93-$141 | $116 | 30% |
| Spring Creek Manor | Single Family | $78-$129 | $104 | 33% |
| Stinespring | Single Family | $108-$182 | $138 | 7% |
| Tambra Estates | Single Family | $82-$151 | $103 | 10% |
| The Villas | Condos | $159-$182 | $171 | 20% |
| Timberland | Single Family | $101-$150 | $116 | 5% |
| West McCracken | Single Family, Before 1970 | $52-$111 | $73 | 18% |
| West McCracken | Single Family, 1970-1999 | $73-133 | $97 | 29% |
| West McCracken | Single Family, After 1999 | $90-$201 | $131 | 22% |
| Whispering Oaks | Single Family | $106-$176 | $120 | 34% |
| Wilmington Chiles | Single Family | $60-$120 | $79 | 16% |
| Wood Creek Manor | Single Family | $82-$114 | $100 | 0% |
| Woodlands | Single Family, Finished Basement | $114-$148 | $125 | 8% |
| Woodlands | Single Family, w/o Finished Basement | $126-$158 | $141 | 1% |