Oklahoma Claim For Credit or Refund of Property Taxes (Circuit Breaker)

Oklahoma

2020

Benefit Varies with Income

Minimum Tax Amount Must be Paid

Circuit Breaker

The refundable credit relieves property taxes exceeding a threshold of 1% of income if gross income is $12,000 or less. The maximum benefit is $200. The benefit is disbursed as an income tax credit or as a direct rebate if the claimant is not required to file an income tax return. Applications must be filed annually by 30 June of the year in which the credit is sought.

Credit to the income tax bill

Residential

Only residential property is eligible for this program.

Age

Disability

Homeowner

Income Ceiling

Principal Residence

Claimant must be head of the household who is 65 years or older or totally disabled. The gross household income ceiling is $12,000 for the year prior to the year in which the application is filed. Eligibility is restricted to homeowners age 65 and older, or who are totally disabled for the entire year. The eligible person must be the head of household and must have lived in the state during the entire preceding year.

Local government is unable to exercise an option

No local option regarding program features

State reimburses all of the local government tax loss

The state disburses the benefit directly to the claimant as a credit on state income taxes. If the claimant is not required to file a state income tax return, a separate form can be filed to request a refund.

OK101_RR20