Property Taxes Could Be Frozen for Some American Seniors
Summary
In Kentucky, there's a proposed constitutional amendment that could let people aged 65 and older freeze their property taxes. This would help senior homeowners avoid higher taxes as their property values rise.Key Facts
- A new bill in Kentucky aims to freeze property taxes for homeowners aged 65 and older.
- The bill is called Senate Bill 51 and was introduced by Republican state Senator Michael Nemes.
- If the bill passes, seniors could keep paying taxes based on their home's value when they turn 65, even if the value increases.
- This is meant to help seniors with fixed incomes afford to stay in their homes.
- Property tax revenue in the U.S. increased by $96 billion between 2022 and 2024.
- Kentucky's property tax rate was 0.723 percent in 2024, below the national average of 0.888 percent.
- The bill has already passed the Kentucky Senate and now needs approval from the House.
- If it passes all legislative hurdles, voters will decide on the amendment in the 2027 general election.
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