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Kentucky REALTOR® News

Kentucky's unemployment rate at 4.8% in November
December 16, 2016

Kentucky’s seasonally adjusted preliminary unemployment rate for November 2016 was 4.8 percent from a revised 5.1 percent in October 2016, according to the Office of Employment and Training (OET), an agency of the Kentucky Education and Workforce Development Cabinet.

The preliminary November 2016 jobless rate was 0.8 percentage points lower than the 5.6 percent rate recorded for the state in November 2015.

The U.S. seasonally adjusted jobless rate for November 2016 was 4.6 percent, according to the U.S. Department of Labor.

Labor force statistics, including the unemployment rate, are based on estimates from the Current Population Survey of households. It is designed to measure trends rather than to count the actual number of people working. It includes jobs in agriculture and those classified as self-employed.

In November 2016, Kentucky’s civilian labor force was 2,004,568, an increase of 7,365 individuals compared to the previous month. Employment was up by 12,437, and the number of unemployed decreased by 5,072.

“In November, our labor force increased by .4 percent,” said Kentucky Labor Market Information Director Kate Shirley Akers, Ph.D. “Over the last year, Kentucky has seen growth in both the labor force and the number of employed, with the labor force growing by 2.8 percent and employment increasing by 3.7 percent.” Read More

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KY Realtor Ken Warden appointed first director of Real Estate Authority
December 14, 2016

Kenneth W. Warden, of Fort Thomas, has been appointed Executive Director of the newly created Kentucky Real Estate Authority. The appointment was announced by the Secretary of the Public Protection Cabinet, David Dickerson, and will be effective immediately.

Warden brings over 40 years of real estate experience to the position, most recently as the owner of Warden & Associates in Northern Kentucky where he also worked as a broker. Prior to founding his own firm, Warden oversaw the Campbell County operations of West Shell, Inc. and served the company as a vice-president and partner.

“Ken Warden is an accomplished professional with decades of experience in all sectors of the real estate industry. His qualifications and knowledge make him a perfect fit for this new role,” said Secretary Dickerson.

As a member of several state professional real estate organizations, Warden has overseen high priority initiatives for the industry. He is a former president of the Kentucky Association of Realtors and was named the group’s 2015 Distinguished Service Award winner for his outstanding contributions to real estate. Warden also served as a president, director and member of the Northern Kentucky Association of Realtors and a regional vice-president and director of the National Association of Realtors. He holds state licenses in Kentucky and Ohio as a real estate broker and is a Kentucky state certified residential appraiser.

“I am honored to receive this appointment,” said Warden. “The Kentucky Real Estate Authority was created to be a point of collaboration and innovation for the industry. I look forward to working with board members to impact positive change for the statewide real estate sector.”

A graduate of Northern Kentucky University, Warden is an Army Veteran and received an Army Commendation Medal for Meritorious Service in Vietnam.

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KAR members asked to participate in entrepreneurial climate survey for Kentucky
December 12, 2016

KAR and other business and trade associations across Kentucky are participating in the Entrepreneurial Climate Study, which is being conducted by the Kentucky Entrepreneur Network (KEN). This statewide online survey of entrepreneurs and small business owners with fewer than 100 employees has been scientifically designed to gauge the entrepreneurial environment in Kentucky as viewed by active entrepreneurs.

As a small business in Kentucky, you know the important role small businesses play in Kentucky’s economic climate. Growing a strong entrepreneurial environment in Kentucky helps all of our citizens through job creation and economic improvement. The goal of the study is to determine the awareness and perceived effectiveness of programs in Kentucky that are designed to help the entrepreneur, examine the resources available, and define what changes are needed to provide better assistance to the entrepreneur.

KEN is asking that you take just a few minutes to participate and provide your valuable feedback. The data collected will be used to improve the entrepreneurial climate in Kentucky, and your individual responses will not be shared with anyone.

BONUS: Those completing the survey before December 31, 2016, will be entered into a drawing to win a Microsoft Surface Pro 4 and other services!

TAKE THE SURVEY

Read more about the survey and study here.

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Governor Bevin integrates KREC and other real estate boards into Real Estate Authority
December 7, 2016

Governor Bevin recently issued Executive Order 2016-859 to reorganize the Office of Occupations and Professions, the Real Estate Commission, the Real Estate Appraisers Board, the Board of Auctioneers and the Kentucky Board of Home Inspectors and created the Kentucky Real Estate Authority.

Read the Executive Order
Read the press release

 

 

KAR’s mission is to support and enhance the ability of local associations of REALTORS and REALTOR members to succeed in their businesses in an ethical and competent manner and, through a united voice, preserve real property rights. KAR has a responsibility to its members and consumers to ensure that such actions will continue to promote this mission.

In order to do this, KAR is looking for your feedback. Please read the executive order, consider the changes and contact us by December 12th with any questions or concerns. You can send us an email at kar@kar.com.

Soon after, KAR leaders will analyze this feedback and share the information with the Governor’s office. We look forward to working with the administration on this action and other issues important to the real estate industry.

Thanks for all you do to help make our industry the best it can be.

Lamont Breland, KAR President

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Department of Revenue sets 2017-2018 homestead exemption
December 2, 2016

The maximum homestead exemption on real estate owned by qualified persons has been set at $37,600 for the 2017 and 2018 tax periods. The 2017-2018 exemption reflects a $700 increase over the 2015 – 2016 exemption of $36,900.

The amount of the homestead exemption is adjusted every two years in accordance with KRS 132.810 to compensate for changes in the purchasing power of the dollar. The exemption provided state and local property tax savings of approximately $209 million for more than 440,000 elderly or disabled Kentuckians during the 2016 tax year.

To qualify for the homestead exemption, a person must be at least 65 years old during the tax period or have been classified as totally disabled by any public or private retirement system. The property must also be owned, occupied and maintained by the taxpayer as a personal residence on the Jan. 1 assessment date.

Applications for the homestead exemption should be filed in the local Property Valuation Administrator’s office.

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