Homeowners Age 65 and Older
The
Oklahoma Constitution now allows a Property Valuation Freeze on the
homestead property of qualified citizens who are age 65 or older on
January 1 and have a gross household income of $48,700 or less. Gross
household income includes all income from every source including Social
Security, interest, wages, rents and other income Whether taxable or
not taxable for federal or state income tax purposes.
Double Homestead
Any homeowner who is otherwise eligible for
homestead exemption and has a gross household income of $20,000 or less
may qualify for an additional homestead exemption.
Proof
of income such as W-2 and 1099 forms may be required. Federal and State
income tax forms may not be sufficient evidence.
IMPORTANT!!
The
filing period for the valuation freeze and additional homestead is January
1 to March 15 only. Applications can not be accepted any other time.
Attention! Owners of Real and/or Personal Property
Personal
Property
Oklahoma law states that all personal property in this state is taxable
unless otherwise exempt. Personal property lists must be rendered each
year in the assessor's office in the county where the property is located.
Rendition forms are available at the assessor's office and must be filed
by March 15 to avoid penalty.
Homestead Exemption
To qualify for homestead exemption, you must be the record actual
owner and occupying the property as your principle place of residence
on January 1. Applications are available in the assessor's office and
can be filed any time. New applications made after March 15 will apply
to the next year.
VETERANS 100% DISABLED 100% EXEMPTION ON HOMESTEAD PROPERTY
Beginning January 1, 2006 with the passage of State Question 715, disabled veterans will be able to file for an exemption of 100% of the fair cash value of homestead property up to one acre for urban homesteads, and up to 160 acres on rural homesteads.
Letters will be sent from the Oklahoma Dept of Veterans Affairs to the qualifying veterans or their surviving spouse. They will then apply to the Assessor's Office for this exemption.
