What is a Homestead Exemption?
A Homestead Exemption is an exemption of $1,000 of the assessed valuation of the homestead property. Homestead Exemption is granted to the homeowner who resides in the property on a permanent basis on January 1. The deed or other evidence of ownership must be executed on or before January 1 and filed in the County Clerk's office on or before February 1.
How do I apply for a Homestead Exemption?
Application for Homestead Exemption is made with the County Assessor at any time. However, the homestead application must be filed on or before March 15th of the current tax year for the homestead to be granted for the current year. Download the Homestead Exemption Form (PDF).
Must I re-apply for Homestead Exemption every year?
No. Any taxpayer who has been granted a Homestead Exemption and who continues to occupy the homestead property, shall not be required to re-apply for Homestead Exemption unless the deed is changed for some reason such as sale, divorce, death, etc; and provided that all personal property taxes appearing on the lien docket are paid by January 1.
Can active-duty military personnel receive a homestead?
Military personnel who are full-time active personnel and who own property in Oklahoma may apply for and receive a Homestead Exemption. Military personnel should be aware that obtaining Homestead Exemption makes them a legal resident of Oklahoma and subject to Oklahoma Income Tax and motor vehicle tag.
Can mobile homeowners receive homestead exemption if they own their own land?
A mobile homeowner who meets all other homestead requirements and who owns land on which the mobile home is located may receive a Homestead Exemption. Owners of mobile homes who live in mobile home parks or who rent or lease space are not eligible for homestead.
What are the benefits of Homestead Exemption?
As noted above, the Homestead Exemption of $1,000 assessed valuation reduces the real property tax by the amount of the millage levy effective in your area. This is $60 to $114 depending on your area of the county.
What if I already have homestead and my deed changes?
If you change your deed for any reason, divorce, sale, change of owner, court action, death of a spouse, you must renew your homestead by March 15th.
What if I have a question on my Homestead Exemption?
Please feel free to call the County Assessor's office if you have any questions. Oklahoma's "Circuit Breaker Law" questions and answers about property tax relief for persons of certain income.
Are there any property tax relief programs for persons with low incomes?
Yes. There are two property tax relief programs, so-called "circuit breaker" law for persons below a certain income level. They are the Additional Homestead Exemption (double homestead exemption) and the state property tax credit or refund program.
How do I qualify for the Additional Homestead Exemption?
Any person who is the head of household with a Homestead Exemption may receive an additional $1,000 assessment exemption if the gross household income from all sources did not exceed $25,000 for the past calendar year.
How do I file for the Additional Homestead Exemption?
Application for the Additional Homestead Exemption is made between January 1st and March 15th. A simple form of income is prepared as part of the application. Under the new law, any person who is 65 or older as of March 15 and who has previously qualified for additional homestead shall not be required to renew their application annually. However, any person whose total household income exceeds $25,000 shall notify the County Assessor and the Additional Homestead Exemption shall not be allowed for the year.
How do I apply for the state property tax credit or refund?
This requires that a form 538-H (PDF) be filled out and mailed to the Oklahoma Tax Commission, 2501 Lincoln Boulevard, Oklahoma City, OK 73194-0003.
How do I qualify for the state property tax credit or refund program?
Any person 65 years of age or older or any totally disabled person, who is head of household, was a resident of this state during the entire preceding calendar year and whose gross household income does not exceed $12,000 is qualified for the program and may apply. We have form 538-H (PDF) in our office or call 295-6104 for the form.
FACTS TO REMEMBER
1. New Homestead Exemptions are filed by March 15th to be applied for the current tax year.
2. Additional Homestead Exemptions must be renewed every year between January 1 and March 15. You will not have to file annually if you are 65 or older as of March 15, have previously qualified for the Additional Homestead, and your income does not exceed $25,000.
3. If you sell your home, you must send a letter to the Assessor's office requesting that your Homestead Exemption be canceled. It is not the responsibility of the real estate office or its function to cancel your Homestead Exemption.
4. If you change your deed for any reason, then you must renew your Homestead Exemption by March 15th of the following year.
5. Before you purchase any land or real estate, always check to see if there are any delinquent taxes.
6. Before you purchase any land, real estate or business, you should make arrangements with the seller on the disposition of the taxes for the year of purchase.
7. Report any changes in improvements between January 1 and May 1 to the County Assessor's office.
Fact: Canadian County has around 80,000 real and personal property accounts to keep records on.
Fact: AD VALOREM is Latin meaning "according to value".
