AN ACT relating to the property tax homestead exemption.

Amend KRS 132.810 to remove the requirement that the homestead exemption be construed to mean $6,500 in terms of the purchasing power of the dollar in 1972 and the cost-of-living indexing requirement; require the amount of the homestead exemption to be 50% of the first $250,000 in assessed value for qualifying real property; EFFECTIVE only upon the ratification by voters of an amendment to Section 170 of the Kentucky Constitution.