Friday, September 28, 2012
PVA report shows Fayette Co. continuing
to weather economic, housing downturn
Fayette County continues to “weather the economic and housing market downturn better than many communities,” according to Lexington Property Valuation Administrator David O’Neill, in the second annual report of property values and trends in Fayette County.
Fayette County PVA David Oneill (From fayette-pva.com)
O’Neill’s report, a “snapshot” of the state of real property in the county as of Jan. 1, 2012, also shows that, while declines in the number of houses sold continue each year, median sale prices have remained mostly stable and have actually risen slightly.
“Government, higher education and the health care industry are among the leading employers in Fayette County, helping to insulate the local economy from the recession that is wreaking havoc in cities that depend more heavily on manufacturing,” O’Neill says in the report.
There was wholesale, upward reassessment of any neighborhood in Fayette County for the 2011 tax roll, and only one neighborhood, Harrods Hill, was reassessed for 2012. However, “during the same time period, the property tax roll in Fayette County has continued to grow, albeit at a very modest rate – less than 2 percent for each of these years.
The report attributes that growth to property sales, improvements and technologies implemented int he PVA office that allowed staff to discover improvements not previously listed on the tax roll.
To see the full report (in Adobe PDF format), click here
From Fayette Co. PVA