For more information, visit the following site: https://revenue.ky.gov/Property/Residential-Farm-Commercial-Property/Pages/Homestead-Exemption.aspx
Totally disabled veterans are eligible for up to a $40,500 deduction on the assessed value of their home for property tax purposes.
The homeowner must have been receiving payments pursuant to his or her disability for the entire assessment period.
The homeowner must apply annually to continue to receive the exemption based upon a total disability, unless:
- They are a veteran of the United States Armed Forces and have a service connected disability
- They have been determined to be totally and permanently disabled under the rules of the Social Security Administration; or
- They have been determined to be totally and permanently disabled under the rules of the Kentucky Retirement Systems.
The value of the homestead exemption for the 2019-2020 assessment years is $39,300. This amount is deducted from the assessed value of the applicant’s home and property taxes are computed based upon the remaining assessment. For example, if the applicant’s residence is assessed at a value of $200,000, property taxes would be computed on $160,700 (200,000 – 39,300). The amount of the homestead exemption is recalculated every two years to adjust for inflation. The next adjustment will be effective for the 2021 and 2022 assessment years.
Submitting a Homestead Exemption Application:
- Complete the Application For Exemption Under The Homestead/Disability Amendment – Form 62A350 Link to Document: https://revenue.ky.gov/Forms/62A350.pdf
- Gather any supporting documentation
- Contact your local Property Value Administrator.
Consult the local assessor’s office for detailed requirements regarding these exemptions.
Annual refiling is required.
Find your local tax assessor at this link: https://www.publicrecords.onlinesearches.com/Assessor-and-Property-Tax-Records.htm