A proposed constitutional amendment that would freeze property tax assessments for 65-and-older residents in Kentucky has cleared a state Senate committee — one of several efforts to limit rising tax bills for elderly homeowners.

Senate Bill 51, sponsored by state Sen. Mike Nemes (R-Shepherdsville), would lock in the assessed value of a senior’s primary residence and prevent higher property tax bills driven by valuation increases.

Seniors would still pay property taxes but on the home’s frozen value.

If approved by three-fifths of both chambers of the Kentucky General Assembly, the measure would go before voters in November as a constitutional amendment.

“As details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com