Senior Homestead Property Tax Freeze

State

Oklahoma

Year

2013

Variations in Receipt of Benefit

No Variation in Receipt of Benefits

Benefit Type

Assessment Freeze

Benefit

For eligible applicants, the benefit is a freeze of the taxable value of the homestead. The freeze does not apply to successive improvements. The fair cash value of improvements shall be added to the value of the property, with the fair cash value of the total property remaining frozen at that revised level as long as the applicant is eligible.

How is Benefit Disbursed

Exemption from assessed value

Eligible Property Type

Residential

Characteristics of Eligible Property

Only residential property is eligible.

Eligibility Criteria

Age

Homeowner

Income Ceiling

Principal Residence

Description of Eligibility Criteria

Homeowners must be age 65 or over. Gross household income from all sources, excluding gifts, cannot exceed the amount determined by the US Department of Housing and Urban Development for the resident's county.

Local Option in Adoption of Program

Local government is unable to exercise an option

Local Option Regarding Program Features

No local option regarding program features

State Funding for Local Tax Loss

Local government covers all of its tax loss

Record ID

OK105_RR13

Footnotes

Property is revalued to full market value upon the sale or transfer of the property. If the owner is no longer eligible because income exceeds the HUD limit, the value of the property is then subject to the 3% cap increase for that year. Passage of ballot measure in the November 2012 election reduced the homestead growth limit to 3%. See tax limits for full description of limit.

Sources

Okla. Stat. tit 68 §2888 Okla. Stat. tit 68 §2893; Okla. Stat. §68-2890.1(B) (in effect for 2013).
Source Constitution: 
Okla. Const. art. X, § 8C (in effect for 2013)
Oklahoma Tax Commission, Ad Valorem Division, 2013 Property Valuation Limitations and Manufactured Homes Pers. Prop. Exemption [http://www.tax.ok.gov/advform/2013QuaIncPropValLimitation.pdf Accessed 11/30/2013] View Archived Source

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