More than 60,000 homeowners in Jefferson County got property assessment notices last Friday—and many of them saw a significant bump.
Homes in areas such as Audubon Park, Butchertown, Clifton, Crescent Hill, Germantown and the Highlands increased in value by an average of 10 to 15 percent, said Colleen Younger of the county’s Property Valuation Administrator’s office.
There were also some anomalies, she said. Some homes saw a much heftier property value increase, particularly areas such as Crescent Hill and Germantown.
Young said this is mostly because the county reappraises properties in quadrants—so once every four years. So, some homes still had values that were set during tougher economic times in Louisville.
“Because we were in such a down market, there were some years that reassessments did not go up,” Younger explained.
That’s changed, though. Younger said some of the neighborhoods appraised for this year are some of the “hottest markets” in the county right now.
“We like to think about it as a positive thing,” Younger said. “We like to look at as a way that, you know, that we are coming out of an economic downturn. The market has changed. We are in a fast market now. So, things are on the move.”
For some homeowners, this means their property investments are in better shape, but it also means a higher property tax bill is forthcoming. Younger said that’s good news, though, for local schools and fire departments, which partially depend on property taxes.
Homeowners who are worried their new assessment is wrong, though, have the right to appeal.