Property Tax Exemptions in Oklahoma
You may qualify for a real and personal property tax exemption if you are an Oklahoma resident and eligible for homestead exemption. An exemption from property tax on homesteads is available for 100% disabled veterans. The exemption would apply to 100% disability rated veterans and their surviving spouses.
Seniors with income under $10,000 who reside in manufactured homes are allowed a $2,000 exemption.
Understanding Property Taxes in Oklahoma
In Oklahoma, property taxes are based on the value of your property, administered at a local level where county officials determine valuations, tax rates, and collections. Property tax rates are calculated based on the taxable value of the property and the county’s tax rate.
Savings and Programs for Seniors in Oklahoma
Seniors with income below $12,000 may claim a credit against income tax for property tax payments exceeding 1 percent of their income, up to $200. For those with income under $10,000 residing in manufactured homes, a $2,000 exemption is available.
Additional Information
Oklahoma has an average effective property tax rate of 0.87%, with homeowners paying a median annual property tax of $1,278.
To apply for a property tax exemption in Oklahoma, including the homestead exemption for disabled veterans, the application must be filed between January 1 and March 15 each year with the county assessor’s office.
After turning 65, eligible seniors in Oklahoma can freeze taxable property values if their annual gross household incomes are below specific thresholds.