The Homestead Exemption in Kentucky is a great way for eligible homeowners to reduce their property taxes. This guide will walk you through the application process, eligibility requirements, and the benefits of applying. Let's dive in!

What is the Homestead Exemption?

The Kentucky Homestead Exemption allows qualifying homeowners to reduce the taxable value of their property. This can lead to significant savings on property taxes, making homeownership more affordable for those who meet the requirements.

Who Qualifies for the Homestead Exemption?

To be eligible for the Homestead Exemption in Kentucky, you must:

• Own and occupy the property as your primary residence as of January 1 of the application year.

• Meet age or disability requirements:

• Be 65 years or older, or

• Be classified as permanently and totally disabled.

Step-by-Step Guide to Filing for Homestead Exemption in Kentucky

Here’s a step-by-step breakdown to make your filing process smooth and straightforward:

1. Check Your Eligibility
   Ensure you meet the age or disability requirements and that you own and occupy the property as your principal residence by January 1 of the application year.

2. Gather Necessary Documentation
   Have the following documents ready:

• Proof of age (such as a driver’s license or birth certificate).

• Proof of disability (if applicable, documentation from a certified agency).

• Proof of property ownership.

3. Download the Application Form
   Visit the Kentucky Department of Revenue website to download the Homestead Exemption application form.

4. Fill Out the Application
   Carefully complete all sections of the application form, providing accurate information about your residency, property details, and eligibility status.

5. Submit Your Application to the County Property Valuation Administrator (PVA)
   Once your application is complete, submit it to your local PVA office. You can typically submit the form by mail, in person, or in some cases, online. Find your local PVA office on the Kentucky Department of Revenue website.

6. Application Deadline
   Make sure to file your application by December 31 of the application year to be eligible for that tax year.

7. Await Confirmation
   After submission, your PVA office will review your application. Once approved, the exemption will be applied to your property’s tax assessment.

Benefits of the Homestead Exemption

• Reduced Tax Burden: By lowering the assessed taxable value of your property, the exemption can significantly reduce your annual property tax bill.

• Long-Term Savings: Once approved, the exemption remains in effect, providing continued tax savings for eligible homeowners.

Additional Resources

For further information and updates on the Homestead Exemption, visit:

• Kentucky Department of Revenue - Homestead Exemption Information

• Institute on Taxation and Economic Policy (ITEP) - Property Tax Homestead Exemptions

Need Help with Your Home in Kentucky?

Monarch Group is here to help homeowners navigate all aspects of property ownership, from tax-saving strategies to finding your ideal home. Connect with us for expert guidance tailored to your Kentucky real estate needs.

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