Sen. Mike Nemes said older Kentuckians, especially those on a fixed income, are grappling with rising costs due to ballooning property tax assessments.
Under his proposal, homeowners over 65 who use the home in question as their primary residence would see their assessments locked in to place. Nemes says they would still be responsible for rate increases imposed by localities.
"If they think they need more revenue than they got the year before and the assessments didn't account for that because they budgeted for an increase in assessments — let's say the housing market did not increase — then they could raise the rate and the elderly will pay that extra rate," he said.
The proposal cleared a committee Wednesday, with one Democratic lawmaker suggesting it would be improved if the bill were means-tested for those in higher income brackets.