HENDERSON, Ky. Sometimes, and in some very specific instances, it just pays to get older. Literally.
Property Value Administrator Andrew Powell said for 2021 the state has raised the homestead exemption to $40,500 from $39,300. The homestead exemption is a flat dollar reduction of your property assessment, Powell told The Gleaner. If you have a $100,000 home, and you re 65 or older or fully disabled, $40,500 will be taken off the top and the property will be assessed for the remaining $59,500. Last year, if you lived in the city, the homestead exemption, on average, saved people $618. In 2021, it should save people $637, he said.
While this is a nice chunk of cash, Powell said, for unknown reasons, many eligible people don t take advantage of it.