The Great Recession is over: Average Fayette home values increase 8.5% over last year; some readers report assessments rise 15% to over 25%

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Fayette County property assessments are out and reflect an increase in values just above 7 percent over last year, with residential values up approximately 8.5 percent.

Chief Appraiser Joel Benton on Monday said preliminary figures show the tax digest, the total value of real and personal property in the county, coming in just above 7 percent.

Benton said preliminary residential values have increased by approximately 8.5 percent over last year. Benton said approximately 1.25 percent of that increase is due to new growth while the remainder comes from assessments.

“The market is coming back. We have a lot of permits but not much building to be assessed,” said Benton, noting that some of the upcoming residential construction will be tallied in next year’s figures.

As for commercial and industrial numbers, Benton said the value of those properties grew by approximately 0.95 percent over last year.