LOUISVILLE (WHAS11) – A victory for Governor Matt Bevin in the battle over the value of his home in Anchorage and the land it is on.
The Jefferson County PVA has ruled in the Governor’s favor, saying the body overvalued the property.
“They rendered what we believe to be a very correct analysis,” said Bevin’s attorney Mark Sommer. “It does line up almost to the penny with our expert John May.”
The PVA had originally assessed Anchorage Place and the surrounding 19 acres at $2.9 million, but that figure is now reduced to $215 million after an appeal.
However, the land was broken up into separate parcels when Gov. Bevin purchased Anchorage Place and 10 acres for $1.6 million in March.
According to a breakdown of the assessment released to WHAS by Bevin’s attorney Mark Sommer, the PVA had overvalued the improvements made to the home by 210 percent.
“For the structure to be assessed at 210 percent of the value found by three informed, educated, talented volunteer citizens is startling,” said Sommer.
After a tour of the grounds on Tuesday the PVA agreed that the home was worth $1.015 million, and the 10 acres it sat on was worth an additional $375,000.
Based on those assessments the total value of the home and property owned by Gov. Bevin is $1.39 million, which is about $210,000 less than the Kentucky Governor paid for the home.
While some still question how the remaining 9 acres can hold nearly $760,000 in value Sommer says it’s as simple as supply and demand in Anchorage.
“All newer homes, let’s go back 15 years, are situated on roughly a 3-acre lot,” said Sommer. “The reason is the owner of the land, the raw land, is choosing to maximize the profit potential of their larger tract. John May’s land value analysis wasn’t rocket science. It’s appraisal science.”
Jefferson County PVA administrator Tony Lindaur says he respects the volunteer board's decision, and will not appeal their assessment.
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