Bill
Bill > HB134
KY HB134
KY HB134AN ACT proposing to create a new section of the Constitution of Kentucky relating to property exempt from taxation.
summary
Introduced
01/08/2025
01/08/2025
In Committee
02/04/2025
02/04/2025
Crossed Over
Passed
Dead
03/28/2025
03/28/2025
Introduced Session
2025 Regular Session
Bill Summary
Propose to create a new section of the Constitution of Kentucky to exempt for homeowners who are 65 years of age or older any increase in the valuation of their permanent residence that is assessed after the later of the year the homeowner turned 65 or the year the homeowner purchased the property; require the exemption to be in addition to the exemption provided in Section 170 of the Constitution of Kentucky and notwithstanding Sections 171, 172, and 174 of the Constitution of Kentucky; apply the exemption to increases in valuation that occur after the date the amendment is ratified by the voters; provide ballot language; submit to voters for ratification or rejection.
AI Summary
This bill proposes a constitutional amendment to provide an additional property tax exemption for homeowners aged 65 and older in Kentucky. Specifically, the bill would exempt any increase in the assessed value of a permanent residence that occurs after the year the homeowner turns 65 or purchases the property. This exemption would be in addition to existing property tax exemptions and would override any conflicting provisions in other sections of the state constitution. The proposed amendment would require voter ratification and, if approved, would only apply to property value increases that occur after the date of ratification. The bill mandates that the Secretary of State publish the proposed amendment in a newspaper of general circulation and ensure that the full text is included on ballots for the next regular election. The goal of the amendment is to provide financial relief for older homeowners by potentially reducing their property tax burden as their home's value increases over time.
Committee Categories
Government Affairs
Sponsors (4)
Last Action
to Elections, Const. Amendments & Intergovernmental Affairs (H) (on 02/04/2025)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://apps.legislature.ky.gov/record/25RS/hb134.html |
| BillText | https://apps.legislature.ky.gov/recorddocuments/bill/25RS/hb134/orig_bill.pdf |
| Local Mandate Fiscal Impact | https://apps.legislature.ky.gov/recorddocuments/note/25RS/hb134/LM.pdf |
Loading...