The Kentucky Department of Revenue (DOR) has set the maximum homestead exemption at $46,350 for the 2023 and 2024 tax periods, a nearly $6,000 increase from the 2021 and 2022 homestead exemptions.

McCracken County Property Valuation Administrator (PVA) Bill Dunn said the new homestead exemption would save qualifying Paducah city property owners about $691 on their real property tax bills while McCracken County property owners will save about $460. Those who qualify for the homestead exemption whose property is valued at less than $46,350 will not receive a city or county tax bill, Dunn said in a press release.

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