Kentucky’s Homestead Exemption for Property Owners
Kentucky’s Constitution allows property owners who are 65 or older to receive the Homestead Exemption on their primary residence. If you are eligible to receive the Homestead Exemption, the exemption amount is subtracted from your property’s assessed value, reducing your property tax liability. The Homestead Exemption for 2015-2016 is $36,900.
To qualify for the Homestead Exemption a property owner must:
- Be 65 years or older
- Own and Occupy the property as your primary residence prior to January 1st
Only one exemption (Homestead or Disability) is allowed per household. Those who currently receive the exemption need not reapply. You can receive the Homestead Exemption on residential or commercial property as long as you own and occupy the property. For more information refer to http://www.lrc.ky.gov/Statutes/statute.aspx?id=39641
As always, you can count on Tony Clark Realtors to look out for our clients’ best interest.
As active members of our community, your local Realtors are the leading advocates for private property rights and smooth, successful purchases of real estate. Please contact Tony Clark Realtors 270-926-0055 when you’re ready to make a move with real estate.