KY HB317

Proposes a constitutional amendment to exempt property tax increases on primary residences owned by individuals 65 years or older, freezing their assessed value at the point they turn 65 or acquire the property

Caps the exemption at properties assessed up to $500,000, with this threshold indexed every two years; valuation increases above $500,000 would be subject to taxation

Previously exempted portions of assessed value retain their exempt status as long as the owner age 65+ continues to maintain the property as their permanent residence

Requires the amendment to be submitted to Kentucky voters for ratification at a general election, with the Secretary of State publishing the full question in a newspaper by the first Tuesday in August before the election

If ratified, the exemption applies only to property value increases occurring after the date of voter approval