By MICHAEL CRIMMINS
Glasgow News 1
Property tax exemptions are one step closer to being a reality for people 65 and older.
As previously reported by Glasgow News 1, Senate Bill 51 was filed in the Kentucky Senate on Jan. 9. The bill seeks to exempt those properties “maintained as a permanent residence” from the assessment of property tax increases for those 65 years old or older, thereby freezing future tax increases tied to an increase in property value.
For example, a home with a valuation of $200,000 when the owner turns 65 that later is valued at $300,000 would be assessed at the previous $200,000 valuation, according to the bill.
The bill attempts to amend Kentucky’s constitution by submitting it to voters.
“We’re trying to help out the elderly that own their own home and are 65 or older,” said Senator Michael Nemes, who sponsored the bill.
On Jan. 23 the bill was given to the members of the commonwealth’s House of Representatives. Barren County Senator David Givens voted in favor of Senate Bill 51, according to the Legislative Research Commission.
Barren County has roughly 18.6 percent of its population that is over 65 years old, according to the U.S. Census. Using the 45,609 figure provided by the census, that amounts to nearly 8,500 people that would be exempt from the increase should this pass and be ratified by the voters.
Implementation would result in an approximate $5.6 million loss to the commonwealth’s revenues which will increase year over year, according to the fiscal impact note attached to the bill.
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