Homestead Exemption In Ky In Orange
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FAQ
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.
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.
If you own and occupy property in Orange County and the property is your permanent residence as of January 1, applying for a Homestead exemption could reduce the assessed value of your Homestead property by up to $50,000, resulting in a tax savings of approximately $750 annually.
Two exemptions are available for qualifying property owner(s). The Homestead Exemption is available to property owners that are 65 years old, or older. The Disability Exemption is available to property owners that have been classified as totally disabled by any public or private retirement system.
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 Homestead Exemption (based on age or disability status) allows taxpayers who are at least 65 years of age or who are totally disabled to receive an exemption.
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.
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.
