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Madison County introduces five‑year property assessment moratorium for Madison Avenue Apartments
Summary
At first reading the fiscal court conditionally approved a five‑year property assessment and reassessment moratorium requested by prospective buyers of Madison Avenue Apartments; the ordinance ties approval to buyer acquisition and compliance with permits and requirements and references specific Kentucky statutes.
MADISON COUNTY, Ky. — The Madison County Fiscal Court on Aug. 13 introduced a conditional five‑year property tax assessment moratorium intended to support renovations at the Madison Avenue Apartments in Richmond.
County staff member Jill presented Ordinance 2024‑O12, which requests a property assessment and reassessment moratorium for Sokar Inc. and Madison Avenue Associates LLP once title transfers to the buyers. The ordinance cites Kentucky Revised Statutes that permit local governments to establish tax assessment moratoriums to encourage repair, rehabilitation and stabilization of real property.
Judge Executive Reagan Taylor explained the practical effect: the moratorium "locks down the property tax assessment" at the value recorded at the time the owners take title, limiting increases in assessed value while renovations and occupancy turnovers occur. Taylor added the city of Richmond had already approved the same arrangement for this property.
Jill reviewed the ordinance’s conditional language, which makes approval contingent on buyer acquisition, required permits, lien‑free status and compliance with reporting obligations in the ordinance. As a first reading, the measure will return at the second reading, which will be the public hearing, after the required notice and publication.
Next steps: copies of the ordinance will be posted on www.madisoncountyky.gov and the court will hold the second reading/public hearing at its next meeting.
