Weekly What’s That

From our friends at OK Policy Institute:

Ad Valorem Exemptions, What’s That?

Oklahoma provides partial or full exemptions from ad valorem taxes for various categories of homeowners.

· All homesteads (a person’s primary residence) are exempted $1,000 of the assessed value.

· Households with gross income under $20,000 are entitled to an additional $1,000 homestead exemption.

· Property values are frozen for seniors whose income is at or below the median of their county or metropolitan area.

· Seniors with income below $12,000 may claim a credit against income tax in the amount that their property tax exceeds 1 percent of total income, up to $200.

· Seniors with income under $10,000 who reside in manufactured homes are allowed a $2,000 exemption.

· An honorably discharged veteran who is 100 percent disabled, or a surviving spouse of a veteran killed while in active duty, is fully exempted from ad valorem taxes for his or her homestead.

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