Neighborhoods stretching southeast from NuLu past Jeffersontown are seeing median assessed property values rise about 30% in this year’s reassessment, data from the Jefferson County Property Valuation Administration shows.
Higher assessed values translate into bigger property tax bills toward the end of the year.
About 90,000 residential parcels stretching southeast from Butchertown, past Jeffersontown to the county line, were reassessed this year, with property owners learning their new value in late April via a postcard mailer or the PVA website.
The PVA calculated the new values using “fair arms-length” sales, or sales of similar house types in the area, from mid-2022 through 2023.
Homes reassessed this year were last evaluated in 2021 using home sales data from the latter half of 2019 and all of 2020. The assessment was supposed to happen in 2020 but was delayed by the pandemic.
Home prices locally and nationally have risen sharply in recent years thanks to demand for houses exceeding supply, fueling the rise in assessed values.
In Jefferson County, median sales prices rose 35% between 2019 to 2023, from $189,000 to $255,000, according to the Greater Louisville Association of Realtors.
State law requires property in Kentucky to be reassessed at least once every four years.
The PVA’s office divides Jefferson County into nine geographic “areas,” groupings of which are reassessed on the four-year cycle.
This year’s increase is on par with recent reassessments.
In the 2023 reassessment, Area 1, which covers West End neighborhoods, the Central Business District and Old Louisville, saw median assessed values rise nearly 63% compared to their last assessment in 2019.
Area 4, which includes Pleasure Ridge Park, Shively, Valley Station, Lake Dreamland, and Valley Village, saw the median value rise 34%.
In the three areas of Jefferson County reassessed in 2022, including southern and eastern Jefferson County, median assessments rose 26% to 30% since their last assessment in 2017, according to PVA data.
State law allows homeowners to appeal their new value. The appeal window runs through close of business on Monday.
Here’s a look at the three reassessed areas.
Area 2
The median assessed value of Area 2, which includes Butchertown, Germantown, Shelby Park and Audubon Park, among other neighborhoods, rose about 30.5%.
In 2021, the median was about $196,000, and this year, it stands at nearly $256,000.
These median value statistics include single family homes as well as duplexes and condominiums and are subject to change after the closing of the appeal window.
Area 3
In Area 3, which includes Clifton, Crescent Hill, Indian Hills and St. Matthews, the median assessed value jumped from about $263,000 in 2021 to around $336,000 this year – a rise of nearly 28%.
Area 7
Jeffersontown and the neighborhoods of Beuchel, Fisherville, Hikes Point, and Klondike, which are included in area 7, saw a median assessed value of $263,500 this year.
That’s up nearly 32% over 2021’s median of about $200,000.
Last month, the PVA’s office released home sales data showing the spectrum of home sales that went into calculating this year’s reassessment.
- Area 2: Total Sales: 1,182, Low: $55,000, High: $2.5M, Median: $281,750
- Area 3: Total Sales: 771, Low: $105,000, High: $2.54M, Median: $385,000
- Area 4: Total Sales: 1,901, Low: $106,000, High: $1.79M, Media: $290,000
How to appeal your property value reassessment
If you want to appeal your home’s new value, you’ll need to act fast. The appeal window closes at end of business Monday.
Colleen Younger, Jefferson County Property Valuation Administrator, has encouraged homeowners to appeal if they don’t believe the PVA’s calculations fairly represent their home’s value.
Her office is charged with assessing properties’ “fair-market” value, or the price they would fetch on the open market.
You’ll need supporting documentation for an appeal, such as pictures of interior or exterior deferred maintenance and estimates for repairs.
Further details on the appeal process can be found on the PVA website.
Appeals are accepted online via jeffersonpva.ky.gov through 4 p.m. May 20. The online tool works best on mobile devices.
In-person help is also available at these locations:
PVA office, 815 W. Market St., suite 400
When: 8 a.m. to 4 p.m. weekdays through May 20; 9 a.m. to 1 p.m. May 18. Call 502-574-6224 to schedule an appointment.
Help is also available at three libraries in the reassessment areas.
Jeffersontown, 10635 Watterson Trail
When: 10 a.m. to 4 p.m., weekdays through May 20
Highlands/Shelby Park, 1250 Bardstown Road
When: 10 a.m. to 4 p.m. Mondays, Wednesdays and Fridays through May 20
St. Matthews, 3940 Grandview Ave.
When: 10 a.m. to 4 p.m., Tuesdays and Thursdays through May 16, 10 a.m. to 4 p.m. May 20.
Reach growth and development reporter Matthew Glowicki at mglowicki@courier-journal.com or 502-582-4000.
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