How much is the homestead exemption in Kentucky?

Kentucky Homestead Exemption: Eligibility and Application

The Kentucky Homestead Exemption provides tax relief to eligible homeowners who are 65 years of age or older or totally disabled. This article explores the eligibility requirements, application process, and other key aspects of the exemption, drawing from official sources such as the Warren County PVA, Kenton County PVA, and Daviess County PVA websites.

Eligibility Requirements

To qualify for the homestead exemption in Kentucky, an individual or couple must meet the following criteria:

Key Facts

  1. Eligibility: To qualify for the homestead exemption in Kentucky, a person or persons must be 65 years of age or older or totally disabled during the year for which the application is made.
    • Age Requirement: If only one spouse is 65, the age requirement is met.
    • Verification of Age: The applicant must provide a substantiating document, such as a state-issued ID or driver’s license, to establish proof of age.
  2. Residential Unit: The applicant must own and occupy a residential unit as of January 1 for the year in which the exemption is sought.
  3. Application Process: The application for the homestead exemption must be submitted to the Property Valuation Administrator’s (PVA) Office during the year in which the exemption is sought.
  4. Exemption Transfer: If a person who qualifies for the exemption moves, they must file a new application for the exemption at their new residence since it does not automatically transfer.
  • Age Requirement: The applicant must be 65 years of age or older during the year for which the exemption is sought. If only one spouse meets this age requirement, the exemption is still applicable.
  • Disability Requirement: Applicants who are 100% totally disabled may also qualify for the exemption.
  • Residential Unit: The applicant must own and occupy a residential unit as of January 1 of the year in which the exemption is sought.

Application Process

To apply for the homestead exemption, eligible individuals must submit an application to the Property Valuation Administrator’s (PVA) Office during the year in which the exemption is sought. The application typically requires proof of age, such as a state-issued ID or driver’s license, and proof of residency.

Exemption Amount

The amount of the homestead exemption is determined by the Kentucky Department of Revenue and is adjusted every two years based on the cost of living index. For the 2023 and 2024 tax periods, the homestead exemption amount is $46,350.

Exemption Transfer

If an individual who qualifies for the homestead exemption moves, they must file a new application for the exemption at their new residence. The exemption does not automatically transfer to the new property.

Conclusion

The Kentucky Homestead Exemption provides significant tax savings to eligible homeowners who are 65 years of age or older or totally disabled. By meeting the eligibility requirements and following the application process outlined in this article, homeowners can access this valuable tax relief.

Sources

FAQs

Who is eligible for the Kentucky Homestead Exemption?

Individuals who are 65 years of age or older or totally disabled during the year for which the exemption is sought.

What are the requirements to qualify for the exemption?

Applicants must own and occupy a residential unit as of January 1 of the year in which the exemption is sought. They must also provide proof of age or disability.

How much is the homestead exemption?

The homestead exemption amount is determined by the Kentucky Department of Revenue and is adjusted every two years based on the cost of living index. For the 2023 and 2024 tax periods, the homestead exemption amount is $46,350.

How do I apply for the homestead exemption?

Eligible individuals must submit an application to the Property Valuation Administrator’s (PVA) Office during the year in which the exemption is sought.

What documents do I need to apply for the exemption?

Proof of age, such as a state-issued ID or driver’s license, and proof of residency are typically required.

Does the exemption automatically transfer if I move?

No, if an individual who qualifies for the exemption moves, they must file a new application for the exemption at their new residence.

Is there an income limit to qualify for the exemption?

No, there is no income limit to qualify for the Kentucky Homestead Exemption.

Can I get the exemption for multiple properties?

No, the homestead exemption is only applicable to one residential unit per applicant.

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