Variations in Receipt of Benefit
No Variation in Receipt of Benefits
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
Characteristics of Eligible Property
Only residential property is eligible.
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
Okla. Stat. § 68-2890.1(B);
Okla. Stat. § 68-2893 (in effect for 2021)
[https://static1.squarespace.com/static/6036b93771a99b354a5ee6e3/t/607db283400b1d6afe02301c/1618850435968/TES-14+2021.pdf Assessed 02/25/2022]
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Oklahoma Tax Commission Maximum Income Limitations for Senior Valuation Limits as of 2020
[https://www.ok.gov/tax/documents/Property%20Valuation%20Limitations%202020.pdf Accessed 02/27/2021]
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