Miriam is 67 years old and owns her primary residence in Paducah, Kentucky. She applies for a homestead exemption that reduces the assessed value of her home for property tax purposes. Which Kentucky statute governs this exemption, and what is the primary eligibility requirement?
Correct Answer
B) KRS 132.810; the applicant must be 65 or older or totally disabled and use the property as a primary residence
KRS 132.810 governs the property tax homestead exemption for seniors and disabled persons in Kentucky. To qualify, the homeowner must be 65 years of age or older, or totally disabled, and must use the property as their primary residence. The exemption reduces the assessed value of the home for property tax calculation purposes, and the exemption amount is adjusted periodically by the Kentucky Department of Revenue.
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Related Topics & Key Terms
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Related Concepts
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
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