Property Valuation
In Kentucky, a homeowner who makes significant improvements to their property can expect the assessed value to:
ADecrease due to construction disruption
BPotentially increase, reflecting the enhanced property value✓ Correct
CRemain the same until the property is sold
DAutomatically increase by the cost of improvements
Explanation
Property improvements that increase value should be reflected in the PVA's annual assessment. The assessed value should increase to reflect the property's improved condition at fair cash value.
Related Kentucky Property Valuation Questions
- A Kentucky appraiser must retain a copy of their completed appraisal report for how long after the date of the report?
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- The term 'highest and best use' means the use that is:
- An appraiser adjusts a comparable sale in Lexington upward by $5,000 because the comparable lacks a garage that the subject property has. This indicates:
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- A Kentucky building has a replacement cost of $350,000 and has depreciated 20%. The depreciated value is:
- A Kentucky appraiser reviewing recent 'flip' transactions (buy-renovate-sell) in a neighborhood must:
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