Margaret is a 68-year-old homeowner in Lexington who recently learned about a property tax benefit available to seniors in Kentucky. She wants to apply for the exemption that reduces the assessed value of her primary residence for property tax purposes. Which Kentucky statute governs this benefit?
Correct Answer
D) KRS 132.810, the homestead exemption for persons 65 or older or totally disabled
KRS 132.810 provides a property tax homestead exemption specifically for Kentucky homeowners who are 65 years of age or older, or who are totally disabled. This exemption reduces the assessed value of their primary residence for property tax calculation purposes. The exemption amount is periodically adjusted by the Kentucky Department of Revenue.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The cost approach estimates a property's value by calculating the current cost to rebuild the improvements, subtracting accumulated depreciation, and adding the land value. It is most reliable for new construction and special-purpose properties.
Depreciation is an accounting method of allocating the cost of an asset over its useful life, allowing investors to deduct a portion of the asset's cost each year.
Highest and best use is an appraisal concept that identifies the most profitable, legally permitted, physically possible, and financially feasible use of a property. It is the foundation of all property valuation.
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- → The income approach to appraisal is most commonly used for which type of property?
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- → External obsolescence in Oklahoma:
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