FRANKFORT, Ky. ( FOX 56 ) — Some Kentucky lawmakers want to give the elderly relief on their taxes.
A proposal to cap the property tax assessment for homeowners 65 and older was approved by a committee of lawmakers on Wednesday in Frankfort.
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If passed, Senate Bill 23 —sponsored by Sen. Michael Nemes (R-Shepherdsville)—would put the issue to voters to decide as a constitutional amendment.
Nemes said if a city or county needs to raise the overall property tax rate, they still can.
“Everybody will continue to pay the tax rate, even the increased rate, if any,” Nemes said. “Even the elderly will pay the increased tax rate, except they wouldn’t pay it on an increase of their assessment.”
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The assessment cap would last until the homeowner dies, moves, or sells their home. It would not pass down to an heir.