The senior property valuation freeze is a valuable program for eligible senior homeowners in Oklahoma. This means that their property tax bill will not increase due to rising property values. The freeze is not automatic, and eligibility depends on the household income and the county of residence. The valuation freeze also does not prevent an increase in property tax rates.
This kind of tax relief program is not available in all states. In Oklahoma, "the tax relief was passed by a vote of the people in 1996, and widened through a state question in 2004, but it’s not widely publicized. Property owners just have to know that after they turn 65, the taxable values of their homes can be locked in, if their annual gross household incomes are under certain amounts." --Paula Burkes, columnist at The Oklahoman, 2014
Eligible seniors must file a one-time application with their respective county assessor offices between Jan. 1 and March 15. The income limit varies from county to county in Oklahoma. In Blaine County, the income limit is $60,800, according to the Oklahoma Tax Commission.
Read this article from The Oklahoman written by columnist Paula Burkes: Oklahoma 'Senior Freeze' can be cool tax relief for many homeowners (oklahoman.com) [click on link]
To apply, a resident must be over sixty-five years of age, provide proof of gross annual income, and have a homestead exemption for their property. Applications are currently being accepted at the BLAINE COUNTY TAX ASSESSOR's OFFICE, between January 1 and March 15, 2024. The county tax assessor's office is located in the Blaine County Courthouse and is open from 8:00 am to 4:00 pm.
The Blaine County assessor requires a copy of last year's tax return (pages that show gross taxable income) OR a copy of your social security statement for 2023 as proof of income eligibility. Your federal tax return for year 2022 is acceptable if you have not filed your tax return for 2023 at the time you apply for the valuation freeze, according to the Blaine County Tax Assessor's office and the Oklahoma Tax Commission.
The assessor will need the address or a legal description of the homestead property and name of the property owner.
If you have not yet filed an application for homestead exemption, the assessor can give that application form to you to complete and have processed before the senior valuation freeze form (State Form 994) can be submitted.
The assessor will print out a partially completed Form 994 from the information you give and information in their records. You will need to fill in a few lines as instructed by the clerk and sign the Form.
It is recommended that you go to the assessor's office as early in the year as possible, to allow for processing time and any corrections or additional documentation if needed, and to avoid forgetting and missing the deadline!
The above information was obtained from the office of the Oklahoma Tax Commission and the Blaine County Tax Assessor's Office.
Good luck!!
