Homestead Exemption Set

The Kentucky Department of Revenue (DOR) has set the maximum homestead exemption on real estate owned by qualified individuals at $40,500 for the 2021 and 2022 tax periods. By statute, the amount of the homestead exemption is recalculated every two years to adjust for inflation. The 2021-2022 exemption reflects a $1,200 increase over the 2019-2020 exemption of $39,300.

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.

“During such a challenging year, this is another important way we can support our seniors and other vulnerable Kentuckians,” said Gov. Andy Beshear.

READ MORE HERE: https://z93country.com/local-news/homestead-exemption-set/

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