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 value of the homestead exemption for the 2019-2020 assessment years is $39,300. This is an increase from the 2017-2018 amount of $37,600.
How does this work? The “homesteand exemption” amount is deducted from the assessed value of the applicant’s home and property taxes are computed based upon the remaining assessment.
Who qualifies? 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. Once approved for the Homestead Exemption, you are not required to reapply annually. You are eligible for the Homestead Exemption on residential or commercial property as long as you own and occupy the property as your primary residence and meet all other qualifying criteria. If you move, it is your responsibility to notify the county tax assessor’s office and reapply for the exemption on your new residence.
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.
Tony Clark Realtors believes everyone should feel confident when buying and selling a home. We are here to be your trusted adviser. Since 1976, we are the Owensboro Kentucky market expert.
Tony Clark Realtors | 2934 Frederica Street Owensboro, Kentucky | (270) 683-SOLD