Senior Homestead Property Tax Freeze

State

Oklahoma

Year

2019

Variations in Receipt of Benefit

No Variation in Receipt of Benefits

Benefit Type

Assessment Freeze

Benefit

The benefit is a freeze of the taxable value of the homestead. If the homeowner makes improvements to the house, the homestead will be reassessed at market value and then the freeze will reset at the new value. Normal repairs, minor improvements or retrofitting for accessibility purposes do not affect the valuation freeze. Applicants must file an application between 1 January and 15 March in order for the valuation freeze to take effect that year. Subsequent applications are not required but the applicant is required to notify the tax assessor if he or she becomes ineligible for the freeze for any reason. The valuation freeze does not guarantee that taxes will not increase, as would be the case if additional millage or levy is added, or if there is a judgement against the county, or if the voters of the county modify the assessment percentages.

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 have turned 65 the year prior to first applying for the benefit. Gross household income from all sources, excluding gifts, cannot exceed the amount determined by the US Department of Housing and Urban Development as the median income level for the county in which the property is located.

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_RR19

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. § 68-2888;
Okla. Stat. § 68-2893;
Okla. Stat. § 68-2890.1(B) (in effect for 2019)
Source Constitution: 
Okla. Const. art. X, § 8C
Oklahoma Tax Commission, Ad Valorem Division Oklahoma Property Taxes 2020 Taxpayers' Rights, Remedies and Responsibilities Taxpayers Education Series TES 14 rev. 1-2-20
[https://www.ok.gov/tax/documents/TES-14.pdf Assessed 08/04/2020]
View Archived Source

Oklahoma Tax Commission Brochure for Property Tax Valuation Limitation for Seniors (2020)
[https://www.ok.gov/tax/documents/SVLB.pdf Accessed 08/05/2020]
View Archived Source

Oklahoma Tax Commission Maximum Income Limitations for Senior Valuation Limits as of 2019
[https://www.ok.gov/tax/documents/Property%20Valuation%20Limitations%202019.pdf Accessed 08/05/2020]
View Archived Source

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