Homestead Exemption In Ky In Franklin
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FAQ
The homestead exemption is a statewide program which allows qualified senior citizens and permanently and totally disabled homeowners to reduce their property tax burden by shielding some of the auditor's appraised value of their home from taxation. The exemption takes the form of a credit on property tax bills.
Submitting a Homestead Exemption Application Complete the Application for Exemption Under the Homestead/Disability Amendment. Gather any supporting documentation. Contact your local Property Value Administrator at Find My PVA.
The Kentucky Department of Revenue has set the maximum homestead exemption at $46,350 for the 2023 and 2024 tax periods.
And provide additional information about the homestead exemption. Application process it isMoreAnd provide additional information about the homestead exemption. Application process it is important to ensure that the property ID is accurate when submitting your exemption.
In Kentucky, homeowners who are least 65 years of age or who have been classified as totally disabled and meet other requirements are eligible to receive a homestead exemption.
Homestead tax exemptions usually offer a fixed discount on taxes, such as exempting the first $50,000 of the assessed value with the remainder taxed at the normal rate. With a $50,000 homestead exemption, a home valued at $150,000 would be taxed on only $100,000 of assessed value.
The Kentucky Department of Revenue has set the maximum homestead exemption at $46,350 for the 2023 and 2024 tax periods.
