Increased by $700
LEXINGTON, Ky. (Dec. 1, 2016) — The maximum homestead exemption on real estate owned by qualified persons has been set at $37,600 for the 2017 and 2018 tax periods. The 2017-2018 exemption reflects a $700 increase over the 2015 – 2016 exemption of $36,900.
The amount of the homestead exemption is adjusted every two years in accordance with KRS 132.810 to compensate for changes in the purchasing power of the dollar. The exemption provided state and local property tax savings of approximately $209 million for more than 440,000 elderly or disabled Kentuckians during the 2016 tax year.
To qualify for the homestead exemption, a person must be at least 65 years old during the tax period or have been classified as totally disabled by any public or private retirement system. The property must also be owned, occupied and maintained by the taxpayer as a personal residence on the Jan. 1 assessment date.
Applications for the homestead exemption should be filed in the local Property Valuation Administrator’s office.