Bourbon County officials are addressing key appraisal and valuation challenges following a recent commission meeting on September 30, 2024. The discussions highlighted significant issues in the county's property assessment practices, particularly regarding the use of commercial data and the application of depreciation tables.

County representatives acknowledged that they had encountered common pitfalls in their appraisal processes, such as using the same sales data across multiple depreciation analyses without ensuring consistency in economic life. This oversight, while not affecting final results, necessitates correction to maintain compliance with state guidelines.

Another critical point raised was the need for thorough recosting of properties. Officials noted that some properties had not been adequately recosted, which is essential for accurate assessments. To mitigate these issues, the county plans to implement new reporting measures aimed at catching discrepancies before they escalate.

The meeting also touched on the income approach to property valuation, which remains underutilized in smaller counties. This method focuses on rental income rather than business income, a distinction that often confuses stakeholders. While counties can opt out of this approach, Bourbon County successfully met all procedural requirements related to it.

Overall, Bourbon County scored 44.3 out of a possible 100 points in their compliance assessment, indicating they are substantially compliant but still have room for improvement. The county aims to enhance its appraisal processes by adopting new guidelines and worksheets for various property types, including affordable housing, which has been a statewide concern.

As Bourbon County moves forward, officials are committed to refining their property valuation methods to ensure accuracy and compliance, ultimately benefiting the community through fair and equitable assessments.