Bill > HB245

This bill proposes an amendment to Section 170 of the Kentucky Constitution to increase the homestead exemption, which is a property tax relief for homeowners, from its current amount to $75,000. The homestead exemption is a portion of a property's assessed value that is not subject to property taxes. This bill also mandates that the homestead exemption amount be adjusted annually to keep pace with inflation, a process known as indexing. If approved by voters, this change would take effect for property assessments starting on or after January 1, 2027, and the bill outlines the specific procedures for submitting this proposed constitutional amendment to the voters for their approval or rejection.

Government Affairs

https://apps.legislature.ky.gov/record/26RS/hb245.html