Kentucky's Property Tax Freeze Proposal to Aid Elderly Homeowners

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Lawmakers in Kentucky have approved a constitutional amendment that could protect elderly residents from increasing property tax rates. If this measure continues successfully, it will be placed on the upcoming election ballot. The amendment would freeze the valuation of homes for tax purposes for Kentuckians aged 65 and older. The goal is to provide relief to those who may not be able to afford property tax increases. The amendment would exempt the taxpayer's residence from tax increases based on valuation. Approximately 17.6 percent of Kentucky's population is aged 65 and over, according to the U.S. Census Bureau.

The bill passed with votes from the Senate, but two Republicans did not support it due to concerns about its impact on public institutions such as schools. Kentucky has one of the lowest property tax rates in the country, with an average effective property tax rate of 0.80 percent, according to SmartAsset. The approval of the constitutional amendment in Kentucky signifies a positive step towards protecting the elderly from potential property tax hikes. By freezing the valuation of homes for tax purposes, the amendment aims to alleviate the financial burden on senior citizens who may struggle to afford increased tax rates. This initiative is commendable, considering that about 17.6 percent of Kentucky's population consists of individuals aged 65 and over, according to the U.S. Census Bureau.

Therefore, implementing this amendment would serve as a valuable safeguard for elderly residents, ensuring that they can maintain their homes without fear of excessive financial strain caused by rising property taxes. Ultimately, the upcoming election ballot will determine the fate of this important measure, allowing the citizens of Kentucky to make their voices heard on the matter.

Source:

https://www.newsweek.com/property-tax-freeze-kentucky-seniors-1869966