Homestead Exemption In Ky In Middlesex
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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.
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.
The Kentucky Department of Revenue has set the maximum homestead exemption at $46,350 for the 2023 and 2024 tax periods.
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.
Homestead Exemption Section 170 of the Kentucky Constitution also authorizes a homestead exemption for property owners who are at least 65 years of age or who have been determined to be totally disabled and are receiving payments pursuant to their disability. Find out more about the homestead exemption.
The Kentucky Department of Revenue has set the maximum homestead exemption at $46,350 for the 2023 and 2024 tax periods.
Qualifying homeowners, including disabled veterans and seniors, can exempt up to $150,000 based on the value assessment of their home. Qualifying homeowners age 18 and older can exempt up to $400,000 in property value.
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.
Some customers are exempt from paying sales tax under Kentucky law. Examples include government agencies, some nonprofit organizations, and merchants purchasing goods for resale. Sellers are required to collect a valid exemption or resale certificate from buyers to validate each exempt transaction.
