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Tax Summary
- Kentucky has five different tax brackets ranging from 2% to 6% depending upon how much you earn.
- Personal exemption for a single individual is $20. Exemption for a married couple is $40. Dependents earn an exemption of $20 each.
- There is a retirement income exclusion of $39,400.
- A low-income tax credit is allowed to singles and married couples filing jointly whose combined adjusted gross income doesn’t exceed $25,000.
- Sales tax in Kentucky is 6%.
- Property taxes in Kentucky cover a broad range of property and are taxed at widely varying rates. There are a variety of classes and various exemptions hinging on local government regulations. There are also special General Assembly rates and other regulations. It is best to consult the most recent Kentucky state publication for up-to-date information due to the complexity of the state’s property tax rules.
- A homestead exemption is offered based on the cost of living index and the assessed value of the residential property. The exemption is available only to the disabled and those 65 or older.
- Intangible taxes are levied on bonds, money market accounts, cash in hand and safety deposit box contents, annuities, trusts and commercial paper.
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