Homestead Exemption

Every tax season is a nightmare. This little tidbit of knowledge can help ease the burden of taxes this year. This tax season save money on your home with the Homestead Exemption. It is an exemption of the assessed valuation.

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A homestead is any structure, condominium or home located on owned or leased land as long as the individual lives in it. It can include up to 20 acres as long as it is owned by the homeowner and used for a purpose related to residential use. The exemption removes part of your home’s value from taxation thus lowering your taxes. Not all homes qualify; only the principal residence of the homeowner.


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To qualify you must be a resident of Oklahoma and the homeowner that resides on the property by January 1st with the deed executed before January 1st and filed with the County Clerks Office before February 1st. You may file it for two years up to the delinquency date. Once you have applied for and granted the Homestead Exemption then you do not have to continue applying as long as you continue to occupy the homestead home.


pexels-photo-296886.jpegYou may even be able to apply for an additional exemption if you qualify for the original homestead exemption and are head of the household. There are several options including county, school, disabled, optional percentage and senior tax exemptions. This is potentially another $1000 if your total annual income did not exceed $20,000 the previous year. Apply today from our Oklahoma County Assessor site.

 

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