Lexington question: low "net taxable values" in 40502 ... should a buyer cost this into decision?

Asked by Melissa T, Lexington (and Northern VA) Wed Jul 9, 2008

I have been browsing real estate in zip 40502 and comparing listings to the "net taxable values" on kentucky.com's Fayette Co. property records. These (tax) values are extremely low - listed values for properties on the market are 30%-100% higher. (I live on the Harrodsburg corridor and my "net taxable value" is exactly what I paid last year and my assessment and taxes are higher than my neighbors with similar homes). Is it correct to assume I would save on taxes by moving to 40502 (Glendover, Chevy Chase, etc.)? Why is this difference so marked? In other words, why are these assessments so low?

Help the community by answering this question:

+ web reference
Web reference:

Answers

2
Danielle Fie…, Agent, Simpsonville, KY
Fri Jul 11, 2008
BEST ANSWER
Hi I just noticed you didn't have any answers and I sell in the 40502 area, I hope its not too late! But the PVA assessments change only so many years or when the house sells and transfers ownership. So in other words when you buy a house the PVA will then change their assessed value to the price you bought it at and you will pay taxes based on the purchase price. If you are looking at listings on LBAR.com or a similar site it should tell you the tax rate so to figure out what your yearly taxes will be take the rate x purchase price divided by 1,000 x 12 = yearly taxes. (eg: 0.8405 x $100,000/1,000 x 12 = $1,008.60 I hope this helps. If you need further assistance in the Lexington market give me a call, I'd be happy to help. 859-230-4008 Good luck!
1 vote
Vicky Chrisn…, , 20176
Thu Jul 10, 2008
I see you've had no responses. Not sure if we have any "regulars" on this site from that area. I am in No. Virginia, and do exchange referrals with agents in that area pretty regularly. IIf I can help you find an agent in that area, please contact me directly at vchrisner@kw.com.

Regards,
Vicky

Also, you might want to call the counties to learn more about their assessment procedures.
0 votes
Search Advice
Search
Ask our community a question
Home Buying in Lexington Zip Codes

Email me when…

Learn more