Property taxes are based on the value of the property and are local taxes however the state governs how the process works. The taxes help pay for public schools, city streets, county roads, police, fire protection and many other services.
January 1 marks the beginning of property appraisal. What a property is used for on January 1, market conditions at that time and who owns the property on that date determines whether the property is taxed, its value and who is responsible for paying the tax. Between January 1 and March 15, the county assessor processes applications for tax exemptions.
You need to know that you have the right to uniform appraisals, receive all tax exemptions or other tax relief for which you qualify and the right to notices of changes in your property value or in your exemptions.
All exemptions and other tax relief must be filed by March 15, however certain war veterans or surviving spouses may apply any time during the year.
To qualify for homestead exemption, your home can be a separate structure, condominium or mobile home located on land you own. The residence may be owned by an individual through an interest in a qualifying beneficial trust and may be occupied by a trustor of a qualifying trust.
The home must be your principal residence on January 1. You can only have homestead
exemption on your principal residence. If you temporarily move away from your home but you intend to return and it’s not rented, you can have homestead exemption. Military personnel stationed elsewhere and are Oklahoma citizens may be granted homestead exemption. If you rent any part of your home or use any part for a business does not disqualify the remainder of your home from exemption.
Homestead exemption is a $1000 deduction from the gross assessed value of you home and in most cases a tax saving between $80 – $120 annually. You do not have to reapply for the exemption once the application has been filed.
Homestead exemption forms are available on line for most counties via the county assessor’s website for the county of the residence. Or you can call me at 405-209-8597 or email email@example.com and I will forward you an application.