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State residents may claim up to $25,000 exempt value in their primary
residence. For persons owning multiple homes, the Kentucky homestead exemption form,
provided by the real property division in each county, permits an
election to designate a particular tract of land as homestead property.
The trustee in Chapter 7 cases routinely questions debtors about the
method used to value property.
According to the Kentucky Homestead Exemption Act, Kansas Revised
Statutes, fair market value must be used for arriving at an acceptable
valuation. However, Kentucky homestead exemption laws are routinely
clarified through case options, and the actual method used to value
property is closer to the price, if sold by the homeowner, available in
the current market, rather than a professional seller using state of the
art sales techniques.
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