Property Valuation Administrators (PVAs) are responsible for assessing the value of most types of property in each county.
Section 172 of the Kentucky Constitution requires property to be assessed at its fair cash value, estimated at the price it would bring in a fair market sale. Real property includes land and all buildings, structures, and other improvements attached to the land.
Real property is revalued annually, and each parcel must be physically inspected by the PVA at least once every four years (KRS 132.690). The assessment date for all property assessed by the PVA is January 1 of each year.
Property tax exemptions
Section 170 of the Kentucky Constitution exempts the following property from taxation:
- Government-owned property
- Educational institutions
- Religious institutions
- Public libraries
- Cemeteries not held for private or corporate profit
- Institutions of purely public charity
Because exempt property is not subject to taxation, these exemptions reduce the taxable property base. In some counties, large amounts of government-owned or otherwise tax-exempt property significantly limit the amount of property available for taxation, reducing the local tax base.
2025 data
In 2025, Kentucky's taxable real property was valued at $393.4 billion. The total taxable real property value varies considerably across counties, ranging from $89.8 million to $97.8 billion, with a median of $1.0 billion. These differences in assessed value directly affect each county's property tax base and its capacity to generate revenue through property taxes.Property assessments have increased substantially in recent years due to inflation, strong demand in the housing market and rising property values.
From the first quarter of 2020 through the first quarter of 2025, Kentucky home prices increased by 53.6%.* During the same period, the median county taxable real property value increased by 34.3%.
Breathitt County was the only county to experience a decline from 2020 to 2025, with taxable real property decreasing by 0.9%, while Simpson County experienced the largest increase, with taxable real property values growing by 67.1%.* Federal Housing Finance Agency, House Price Index, Quarterly Purchase-Only Index, States (Seasonally Adjusted), 2020 Q1–2025 Q1.
- Download the data: 2020-2025 Real Property Values by Kentucky County
