Real Estate Taxes
WHEN ARE TAX BILLS MAILED?
Tax bills are mailed annually on or before September 1st to the property owners of records as of January 1st of the tax year.
Owners whose taxes are paid from mortgage escrow accounts receive a bill as a courtesy for details of the tax assessment and tax levy.
Recent property sales are not always reflected in the tax roll. Please contact your closing agent to find out if arrangements have been made to pay this tax.
WHEN IS PAYMENT DUE?
The face value of the 2023 tax bill was due in full by September 30, 2023. USPS postmark is accepted as the date paid (We do NOT accept postage meter postmarks).
On October 1, 2023, a 10% penalty and 1% interest are applied to all unpaid property taxes. Interest accrues at the rate of 1% compounded monthly until the bill is paid in full.
Contact City Hall for a payoff quote after November 30, 2023.
Delinquency notices will be mailed to the address of the owner of record at the beginning of the next calendar year.
Tax liens on unpaid tax bills will be filed with the county clerk after April 1, 2024. A $130 fee is assessed for the release of a tax lien.
HOW IS PROPERTY TAX DETERMINED?
Property tax assessment and tax rate are the two factors that determine your tax bill.
State law requires each county’s Property Valuation Administrator (PVA) to assess all real property at its fair market value as of January 1st of each tax year.
The City of Prospect’s property tax rate is approved each year by the City Council. The 2023 tax rate is $0.1710 per $100 of assessed value. The city tax is separate from property tax due to the county.
WHAT IF MY PROPERTY TAX ISN’T WORTH ITS ASSESSED VALUE?
The time to appeal your 2023 tax assessment has expired.
If you intend to appeal your tax assessment for the 2024 tax year you must first conference with the county PVA during their spring inspection period. If you are not satisfied with the results of your PVA conference you can appeal their determination to the County Board of Assessment Appeal. The determination of the County Board of Assessment Appeals can be appealed to the Kentucky Board of Tax Appeals.
ARE THERE ANY TAX EXEMPTIONS?
One of two exemptions may be available to property owners:
- The Homestead Exemption is available to property owners who are 65 years old or older. You only have to apply once to your county PVA office to qualify for life.
- The Disability Exemption is available to persons classified as totally disabled by any public or private retirement system. You must apply every year to your county PVA office to qualify for a disability exemption.
Property owners who qualify for either exemption will have $46,350 subtracted from their property’s total assessed value, which will discount the tax bill by $79.25.
WILL MY MORTGAGE COMPANY PAY THIS TAX?
Contact your mortgage company to determine whether this tax is to be paid from a mortgage escrow account.
WHAT IF I SOLD MY PROPERTY THIS PAST YEAR?
When real estate is sold the new owner becomes responsible for the payment of property tax. Often the buyer’s mortgage company will collect or pay the tax at closing. The seller typically pays a pro-rated amount of tax at closing to cover the period that the seller owned the property during the tax year. Contact your mortgage company and/or closing agent to determine the status of the tax bill.
HOW DO I REQUEST A TAX REFUND FOR A DUPLICATE OR OVERPAYMENT?
Send a written request for a tax refund to the Prospect City Clerk via this webform, by email, or by U.S. mail. Please include the taxpayer's name, telephone number, address where to mail refund, the subject property's address, the tax bill number or parcel ID, and the reason for the request.
WHEN IS PAYMENT DUE?
The face value of the 2023 tax bill is due in full by September 30, 2023. USPS postmark is accepted as the date paid (We do NOT accept postage meter postmarks).
On October 1, 2023, a 10% penalty and 1% interest are applied to all unpaid property taxes. Interest accrues at the rate of 1% compounded monthly until the bill is paid in full.
Contact City Hall for a payoff quote after November 30, 2023.
Delinquency notices will be mailed to the address of the owner of record at the beginning of the next calendar year.
Tax liens on unpaid tax bills will be filed with the county clerk after April 1, 2024. Once a tax lien is filed a $130 fee is assessed for the release of the tax lien.
QUESTIONS?
Prospect City Hall tax@prospectky.com (502) 228-1121 [Real Estate Tax Pamplet.pdf]
Jefferson County PVA pva@jeffersonpva.ky.gov (502) 574-6380
Oldham County PVA ocpvaoffice@yahoo.com (502) 222-9320