What is Homestaed Exemption? Homestead exemption removes part of your homes value from taxation so it lowers yor taxes. A Homestead exemption is an exemption of $1,000 on the assessed
Homestead Exemption Time
Dated: January 30 2022
What is Homestaed Exemption?
Homestead exemption removes part of your homes value from taxation so it lowers yor taxes. A Homestead exemption is an exemption of $1,000 on the assessed value of your primary residence. In the tax year of 2019, this was a savings of $91 to $142 depending on where you live in the county. You must be the owner of record for January 1st of the year you are filing and the deadline for filing is March 15th of the same year. If you miss the March 15th deadline the exemption will be applied to the next year, usually, but some counties may make you complete the app again so don’t delay!
In addition to receiving a discount on your taxes, it also protects the value of residents' homes from property taxes, creditors, and cercumstances that arise from the death of the homeowner's spouse. Homestead exemption ensures that a suriviving spouse has shelter.
Exemptions are based on filing status and adjusted gross income. The exemption is limited to the first $200,000 of the market value of the primary residence. Qualifying homeowners include seniors over 65, the disabled, and veterans and their surviving spouces.
Filing for Homestead is fairly simple. You must complete a form and submit it to the county in which you live. Some counties allow you to apply online and others require you to mail it in or present it in person to the county assessors office.
There are additional exemptions which some will qualify for including double exemption, senior and disabled veterans. If you think you qualify for one of these programs visit your county assessors website for more information.
If you live in Tulsa County and want to apply online, visit this link: https://www.assessor.tulsacounty.org/assessor-homestead-search.php
If you want the State of Oklahoma Application for Homestead, visit this link: https://oklahoma.gov/content/dam/ok/en/tax/documents/forms/ad-valorem/current/921.pdf
Remember, you must file before March 15th in order to recieve the exemption on your next tax bill. For more information visit your local assessors office. If you would like assistance on becoming a home owner, we would be happy to help you through your journey!
Nassau Ridge Realty
Leading Nassau Ridge Realty with over 25 years’ experience in the field, Carolyn Thompson is a multi-million-dollar producer based in Northeastern Oklahoma and an accomplished real estate traine....