Homestead Exemption In Ky In King
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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.
Here's how a homestead exemption can translate to savings. A homestead valued at $400,000, taxed at 1%, is eligible for an exemption of $50,000. The property's taxable value will be $350,000, and the tax bill $3,500. Without the exemption, the property tax bill would be $4,000.
The Kentucky Department of Revenue has set the maximum homestead exemption at $46,350 for the 2023 and 2024 tax periods.
Under the Kentucky Constitution, property owners who are 65 or older are eligible to receive the homestead exemption on their primary residence. The homestead exemption is $40,500 for both 2021 and 2022.
