If you live in your house, you can get a $1000 property tax rate reduction. For simple math let's say your home that you own and live in is assessed to be worth $150,000. They would reduce the value for tax purposes by $1,000, making the taxable value $149,000.
Just to give you a warm fuzzy about saving a few bucks on taxes.
Go visit https://www.oklahomacounty.org/assessor/Homestead.htm ; there's more to it than just the $1,000 exemption.
"If you are head of household and qualify for homestead exemption, you may also qualify for additional homestead. You may receive an additional $1,000 assessment exemption if the gross household income from all sources did not exceed $20,000 for the past calendar year." There's also a valuation freeze for seniors, and exemption for disabled vets.
"If you are head of household and qualify for homestead exemption, you may also qualify for additional homestead. You may receive an additional $1,000 assessment exemption if the gross household income from all sources did not exceed $20,000 for the past calendar year." There's also a valuation freeze for seniors, and exemption for disabled vets.
OK, for people with expensive new homes, not so much of a deal. But remember property in Oklahoma is not assessed at full market value (mine bought 25yr ago is about 1/10 present market value).
So a 1K exemption on a 4K assessed old house may be a big deal for Grandma living on Social Security.
Oklahoma tax law has several small breaks that help if you're on low fixed income, that don't help those of us more fortunate.
So a 1K exemption on a 4K assessed old house may be a big deal for Grandma living on Social Security.
Oklahoma tax law has several small breaks that help if you're on low fixed income, that don't help those of us more fortunate.
^^^
It's small stab at making the property tax kind of a progressive tax.
It's small stab at making the property tax kind of a progressive tax.
Saves me a hundred bucks extra to spend every year so I get to stand in line at WallyWorld at 5am and wait for the golden bullets to show up!yay
This might help you a bit:
Oklahoma Homestead Laws
Oklahoma Homestead Laws
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