Commonwealth Journal

July 24, 2013

Properties in Pulaski County are assesed at $3 billion

Real estate values remaining stagnant

by Bill Mardis
Commonwealth Journal

Somerset —

Property assessments for tax purposes on residential (real estate), farm and commercial properties in Pulaski County total slightly more than $3 billion this year, but the expected annual increase in total valuation is one of the smallest in memory.
Despite media reports of a housing market recovery, property values remain stagnant in Pulaski County, according to T.W. Todd, property valuation administrator.
“There are still a lot of foreclosures,” Todd said. A particularly depressed market is second homes, such as lakefront properties.
“Tax assessments were lowered on many second homes,” Todd noted. Assessments are based on selling prices of like properties, and “ ... when people decide to sell second homes they want to get rid of them quickly; they let them go, even at a loss. Overall, second homes are not selling,” the PVA said.
Total assessed value of residential, farm and commercial properties increased only about $8.6 million this year when compared to 2012. Assessed value in 2012 rose nearly $22 million over 2011. 
Assessments of residential properties actually declined slightly more than $2 million this year compared to last. Residential property assessments in 2013 were $2,041,481,208;  in 2012, assessments in the same property category totaled $2,043,434,562.
Farm land in Pulaski County is assessed this year for tax purposes at $324,973,572, a slight increase of $87,420 over the 2012 assessment.
Assessments of commercial properties increased by nearly $11 million. For this year, total assessments of commercial properties are $730,486,916. Last year, assessments totaled $719,627,843.
Pulaski County has 38,616 residential properties, 6,275 farms and 2,295 commercial properties, according to 2012 statistics.
Property assessments in Pulaski County for 2013 have not been certified by the Kentucky Department of Revenue, “ ... or at least they haven’t told us,” Todd said.  Tangible property assessments, mostly inventories, and assessed values of nearly 80,000 motor vehicles in Pulaski County were not available.
Various governmental entities and taxing districts in Pulaski County won’t set 2013 tax rates until later this year. Tax bills will be mailed in September or early October.