PVA offices across Kentucky inspect and reassess about 25% of their county every year. This year the McCracken County schedule is the tax districts of Outside fire, Hendron, West McCracken, Concord and Melber.
State lawmakers require assessments be based on fair cash value which is defined as the price a property would bring at a fair and voluntary sale between a willing buyer and willing seller, neither under duress, given a reasonable amount of time on the market.
Examples:
- Fair cash sale – Sale between two unrelated people.
- Not fair cash sale – Foreclosure, auction, family transfer, estate sale.
Like appraisals, assessments are based on neighborhood sales. Since COVID, housing prices and interest rates have been unusually high due to low housing supply and inflation.
How do we estimate values for 8,000+ properties every year.
We use a process called “mass appraisal”. In this process, we review sales from a neighborhood, calculate a median price per square foot and use that number to reassess every home in the neighborhood using that value.
For example, if a neighborhood’s median is $100 per square foot and the size of the home is 2,000 square feet, the assessment is calculated as follows:
$100 x 2,000 = $200,000 + the lot value + any detached structure values.
The following table displays the median home sales over the last five years in these neighborhoods. For homes in good or average condition the estimated value should be accurate. However, if the home is in less than good or average condition the estimated value is likely over estimated. In this case an adjustment is required to compensate for condition or needed repairs.
The “% Change” represents the amount of change to the neighborhood’s median since the last assessment.
| Neighborhood | Residence Type | PPSF Range | Median | % Change |
|---|---|---|---|---|
| Ascot Downs | Single Family | $106-$154 | $125 | 19% |
| Broken Arrow | Single Family | $118-$157 | $133 | 19% |
| Brookhaven | Detached Single Family | $108-$151 | $129 | 9% |
| Brookhaven | Attached Single Family | $105-$196 | $146 | 8% |
| Carriage Park | Single Family | $109-$166 | $143 | 23% |
| Center Court | Townhomes | $122-$173 | $166 | 36% |
| Cimarron | Single Family | $123-$160 | $133 | 8% |
| Concord – Central | Single Family, Before 1970 | $66 – $107 | $86 | 28% |
| Concord – Central | Single Family, 1970-1999 | $71-$141 | $103 | 23% |
| Concord – Central | Single Family, After 1999 | $122-$166 | $156 | 23% |
| Concord – North | Single Family, Before 1970 | $42-$97 | $79 | 18% |
| Concord – North | Single Family, 1970-1999 | $80-$116 | $87 | 13% |
| Concord – South | Single Family, Before 1970 | $68-$99 | $83 | 24% |
| Concord – South | Single Family, 1970-1999 | $74-$125 | $109 | 30% |
| Concord – South | Single Family, After 1999 | $87-$154 | $135 | 11% |
| Country Club Investments | Single Family, On Golf Course | $120-$192 | $171 | 8% |
| Country Club Investments | Single Family, Off Golf Course | $88-$160 | $145 | 32% |
| Country Club Investments | Townhouse | $83-$148 | $117 | 11% |
| Denberry | Single Family | $101-$169 | $131 | 36% |
| Emerald Hills | Single Family | $101-$169 | $131 | 25% |
| Ferguson | Single Family | $123-$160 | $133 | 16% |
| Golden Meadows | Single Family | $100-$143 | $122 | 54% |
| Goodman | Single Family | $79-$125 | $114 | 34% |
| Harris | Single Family | $101-$169 | $131 | 7% |
| Hendron – N I-24, W Old Mayfield Rd | Single Family, Before 1970 | $84-$120 | $99 | 22% |
| Hendron – N I-24, W Old Mayfield Rd | Single Family, 1970-1999 | $99-$141 | $118 | 40% |
| Hendron – South I-24 | Single Family, Before 1970 | $48-$146 | $91 | 72% |
| Hendron – South I-24 | Single Family, 1970-1999 | $89-$181 | $116 | 47% |
| Hendron – South I-24 | Single Family, After 1999 | $112-$225 | $127 | 35% |
| Hunter’s Trace | Single Family | $123-$160 | $133 | 1% |
| Joann Estates | Single Family | $93-$141 | $116 | 30% |
| Joshua’s haven | Single Family | $119-$150 | $125 | 7% |
| Lake Forest | Single Family & Townhouses, No finished basement, built before 2005 | $102 – $170 | $129 | 13% |
| Lake Forest | Single Family & Townhouses, With finished basement, built before 2005 | $102 – $128 | $109 | |
| Lake Forest | Single Family, No finished basement, built after 2004 | |||
| Marshall Ridge | Single Family | $101-$169 | $131 | 9% |
| Meadowlink Condos | Condos | $103-$216 | $154 | 23% |
| Meadowlink | Attached Single Family | $102-$135 | $113 | 26% |
| Old Harris | Single Family | $93-$141 | $116 | 30% |
| Oxford | Single Family | $101-$169 | $131 | 36% |
| Pace Place | Single Family | $84-$146 | $115 | 22% |
| Pleasant Acres | Single Family | $86-$117 | $96 | 30% |
| Red Elm | Single Family | $58-$109 | $77 | 18% |
| Shiloh Place | Single Family | $101-$150 | $116 | 8% |
| Springbrook Manor | Single Family | $93-$141 | $116 | 30% |
| Spring Creek Manor | Single Family | $78-$129 | $104 | 33% |
| Stinespring | Single Family | $108-$182 | $138 | 7% |
| Tambra Estates | Single Family | $82-$151 | $103 | 10% |
| The Villas | Condos | $159-$182 | $171 | 20% |
| Timberland | Single Family | $101-$150 | $116 | 5% |
| West McCracken | Single Family, Before 1970 | $52-$111 | $73 | 18% |
| West McCracken | Single Family, 1970-1999 | $73-133 | $97 | 29% |
| West McCracken | Single Family, After 1999 | $90-$201 | $131 | 22% |
| Whispering Oaks | Single Family | $106-$176 | $120 | 34% |
| Wilmington Chiles | Single Family | $60-$120 | $79 | 16% |
| Wood Creek Manor | Single Family | $82-$114 | $100 | 0% |
| Woodlands | Single Family, Finished Basement | $114-$148 | $125 | 8% |
| Woodlands | Single Family, w/o Finished Basement | $126-$158 | $141 | 1% |