Elderly Homestead Exemption

State

Kentucky

Year

2022

Variations in Receipt of Benefit

No Variation in Receipt of Benefits

Benefit Type

Assessment Freeze

Benefit

The benefit is an assessment freeze at the property's value in the first year the owner qualifies for and receives the homestead exemption. The maximum exemption in 2022 is $40,500 and is adjusted for inflation every other year if inflation is greater than 1%.

How is Benefit Disbursed

Exemption from assessed value

Eligible Property Type

Residential

Characteristics of Eligible Property

Only residential property is eligible for this program, including mobile homes, when classified as real property.

Eligibility Criteria

Age

Disability

Homeowner

Principal Residence

Description of Eligibility Criteria

Applicants must be 65 years or older, or be classified as totally disabled under a program authorized or administered by the United States government or any retirement system. The applicant must own and maintain the property as a personal residence.

Local Option in Adoption of Program

Local government is unable to exercise an option

Local Option Regarding Program Features

No local option regarding program features

State Funding for Local Tax Loss

State reimburses all of the local government tax loss

Description of State Funding for Tax Loss

The state reimburses the county.

Record ID

KY101_RR22

Footnotes

Every person filing for the homestead exemption who is totally disabled and less than 65 years of age must apply for the homestead exemption on an annual basis, except for veterans with a total service-connected disability. The maximum exemption is adjusted every 2 years in odd-numbered years by the cost of living index of the United States Department of Labor if it changes by at least 1%.

Sources

Ky. Rev. Stat. Ann. § 132.751;
Ky. Rev. Stat. Ann. § 132.810 (in effect for 2022)
Source Constitution: 
Ky. Const. §170
Kentucky Department of Revenue, DOR Sets 2021-2022 Homestead Exemption, Press Release, Homestead Exemption Allowance for 2021 - 2022 (Nov. 2020)
[https://revenue.ky.gov/Property/Residential-Farm-Commercial-Property/PublishingImages/Pages/Homestead-Exemption/Homestead%20Exemption%20for%202021-2022.pdf Accessed 11/20/2023]
View Archived Source

Kentucky Department of Revenue, Application for Exemption Under the Homestead Amendment, 62A350 (October 2022)
[https://revenue.ky.gov/Property/Residential-Farm-Commercial-Property/PublishingImages/Pages/Homestead-Exemption/62A350%20(10-22)%20updated%20Fillable.pdf Accessed 11/20/2023]
View Archived Source

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