KY Dept. of Revenue sets 23-24 Homestead Exemption

The Kentucky Department of Revenue has set the maximum homestead exemption at $46,350 for the 2023 and 2024 tax periods.

By statute, the amount of the homestead exemption is recalculated every two years to adjust for inflation.

The 2023-2024 exemption reflects a $5,850 increase over the 2021-2022 exemption of $40,500.

To qualify for the homestead exemption, a person must be at least 65 years old during the tax period or classified as totally disabled by any public or private retirement system.

The property must also be owned, occupied and maintained as the taxpayer’s personal residence on the January 1 assessment date to be eligible for this exemption.

An application for the homestead exemption is available on DOR’s website. This application must be completed and submitted to the property owner’s local Property Valuation Administrator’s (PVA) office no later than December 31 of the eligible tax year.

The completed application can be submitted online, by mail or in person. Eligible property owners should contact their PVA’s office to learn the best method to use for local application submission.

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Zac Oakes is the News and Sports Director for LakerCountry.com and Laker Country WJRS 104.9 FM.