Bill > HB94

This bill proposes a constitutional amendment to provide an additional property tax exemption for homeowners who are 65 years of age or older. Specifically, the bill would exempt any increase in the assessed value of a permanent residence and its contiguous property after the homeowner turns 65 or purchases the property, whichever is later. This new exemption would be in addition to existing property tax exemptions and would override certain conflicting constitutional provisions. The proposed amendment would be submitted to Kentucky voters for ratification at the next regular election for General Assembly members. If approved by voters, the tax exemption would only apply to property value increases that occur after the date of ratification. The bill requires the Secretary of State to publish the proposed amendment in a newspaper of general circulation and ensure that the full text of the amendment is included on election ballots. The purpose of this bill appears to be to provide financial relief for older homeowners by protecting them from potential increases in property tax assessments as their home values rise.

Government Affairs

https://apps.legislature.ky.gov/record/25RS/hb94.html