PERSONAL PROPERTY - MOTOR VEHICLES

NOTE:  Light-duty trucks, CUVs and SUVs have experienced marked swings in assessment value since 2008.  Click here for a full explanation of this trend.

Kentucky law designates the Fayette County PVA Office as the agency to administer assessment of all property in the county, including motor vehicles.  According to KRS 132.485, registration of a vehicle with the Fayette County Clerk is considered consent for that vehicle to be assessed by the PVA and for the vehicle to be valued according to standards set by the Department of Revenue.

The Cabinet's Department of Property Valuation uses the vehicle identification number, make, model and year to provide the PVA with a standardized valuation.  The January 1 assessment amount is determined by using the clean trade-in value from the January issue of the NADA Appraisal Guides and procedures adopted by the Department of Revenue. 

The owner of a vehicle as January 1 each year is liable for the property tax on that vehicle, in the county of registration, as of the assessment date. If the vehicle is sold during the year before its taxes are due, the January 1 owner is still liable for the taxes.

The PVA has the authority to make necessary adjustments based upon guidelines provided by the Department of Revenue. If a vehicle has obviously depreciated at a greater than average rate due to collisions or excessive mileage, the taxpayer must provide evidence such as documented mileage and/or cost to repair as of January 1 to the PVA within 45 days of the assessment notice (KRS 131.110).

For further information regarding motor vehicles, please contact Pat Barlow at (859) 246-2722, ext. 224 or by email at Pat.Barlow@ky.gov.

Click this link for motor vehicle tax forms and information:

Motor Vehicle Usage Tax Forms and Instructions

 

Further information on light trucks and SUVs

Kentucky bases all vehicle assessments on National Automobile Dealers Association (NADA) published values as of January 1, which are based on actual sales of specific makes and models within a geographic region.  According to NADA, supply and demand for light trucks, CUVs and SUVs are extremely sensitive to gas prices which have fluctuated between $2.75 and over $4 per gallon in the past three years. 

In 2008 gas prices rose over $4 per gallon, demand for these vehicles dropped, supply increased and assessed value decreased significantly.  In 2009 gas prices stabilized and demand increased, but supply was reduced and therefore assessed value rebounded (but not to their 2008 levels).

On average, assessed values for light trucks, CUVs and SUVs dropped 29% from 2008 to 2009. Those same vehicles saw a 17% increase in assessed value from 2009 to 2010.  However, 2010 values remain about 17% below their respective 2008 values.

See the chart below for specific examples:

 

VEHICLE DETAILS			NADA CLEAN TRADE-IN
YEAR	MAKE	BODY TYPE	2008	2009	2010
2007	Toyota	Tundra Ltd Double Cab 4 WD	$31,697*	$21,900	$25,800
2006	Toyota	4Runner Ltd 2WD	$25,475	$17,825	$20,900
2006	Toyota	Sequoia Ltd 2WD	$30,650	$19,850	$24,525
2006	Chevrolet	Silverado 1500 Crew Cab LT 4WD	$22,225	$16,875	$18,900
2007	Ford	F150 Super Cab Lariat 4WD	$22,700	$17,775	$20,100
* 85% of MSRP, standard valuation for vehicles with no established resale history