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.
To qualify for the homestead exemption, DOR regulations state a person must be at least 65 years old during the tax period or be classified as totally disabled by any public or private retirement system.
To apply, the qualifying taxpayer must own and live in their home on Jan. 1 or be totally disabled, Dunn added.
Every two years, the amount of the homestead exemption is adjusted for inflation in accordance with state statute. The 2021 and 2022 exemption amount was $40,500.
“Through the homestead exemption, eligible Kentucky homeowners can deduct a portion of their property’s assessed value,” DOR Commissioner Thomas B. Miller said in a news release.
“As a result, property taxes are assessed upon the reduced amount, saving eligible Kentucky homeowners hundreds of dollars in property taxes.”
According to the Kentucky DOR, the homestead exemption provided about $258 million in state and local property tax savings for more than 468,000 Kentuckians during the 2022 tax year.
Dunn said McCracken County residents can apply for the homestead exemption online or in-person at the local PVA office, 621 Washington St. Instructions on how to complete the homestead exemption application are available online at mccrackenpva.com/homestead-exemption/
(0) comments
Welcome to the discussion.
Log In
Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.