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February 14 2022 12:00 am

Rising value of vehicles may lead to property tax increase


FRANKFORT, KY (AP) – Kentucky officials say used vehicle values are up about 40 percent, and that may lead to hefty increases in their property taxes.

Kentucky Department of Revenue director of valuation Cathy Johnson described the problem in a Jan. 6 letter to county property value administrators. The Lexington Herald-Leader reports that December’s new values are based on National Automobile Dealers Association book values.

Fayette County Property Value Administrator David O’Neill told the newspaper that the cost of tags will increase if lawmakers don’t intervene. Lawmakers say they may take up the issue during the current legislative session.

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