Q:

What is the Kentucky Homestead Act?

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Quick Answer

The Kentucky Homestead Act is a legal provision that provides a tax exemption on a home’s assessed value. Under the Act, a primary residence whose value does not exceed $36,900, as of 2015, is eligible for exemption. This exemption reduces the home tax burden on eligible Kentucky residents.

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What is the Kentucky Homestead Act?
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Full Answer

The Act pegs eligibility on two factors: an applicant must be at least 65 years of age or totally disabled. The applicant must also be living in the home to be eligible, own it either in part or wholly, and maintain the property. By reducing the tax bill, the Act minimizes financial pressure on people who are most prone to it due to their status or age.

Applicants fill the “Application For Exemption Under The Homestead/Disability Amendment” form that the Department of Revenue provides. The applicant also signs an affidavit, indication that he only claims exemption for one home and in case of disability, that it is continuing during the application year. Upon filling the form, the applicant submits it to the county valuation administrator by Dec. 31 of a given year.

In order to factor in aspects such as cost-of-living, the State reviews the exemption every two years . Property valuation administrators may review applicants’ status, requiring reapplication and proof of disability. Applicants must also provide substantiating documents such as birth certificates, medical assistance cards and school records, which establish their date of birth.

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