FOR MORE INFORMATION
Larry Stein
(405) 713-1201
cell (405) 361-9307

FOR IMMEDIATE RELEASE
December 10, 2024

MORE Seniors Eligible for Property Tax Savings
Income Limit Increases 4 Percent--$89,500

“More homeowners may save MORE on their property taxes with $89,500 as the NEW income limit for the Senior Assessment Freeze on assessments!  If you are 65 years of age and older and have a total household income less than $89,500, you are eligible for an Assessment Freeze on the value of your home.  That’s an increase of 4 percent from last year’s total income of $86,000 and more than 20 percent over the past few years.  If you already enjoy the Senior Freeze on your property, there is NO NEED TO REAPPLY,” said Oklahoma County Assessor Larry Stein.

The total income amounts vary by county, and only Alfalfa County at $95,100 and Grady County at $91,500 allow for higher income levels.

“While the legislature may make decisions about future property assessment limitations, it is important to remember the current plans available are saving Oklahoma County residents more than $600 million in lower property taxes EVERY YEAR.  Statewide property owners are saving Billions of dollars in lower property taxes because of proposals from assessors statewide,” Stein said.

Assessors continue to present ideas to the legislature to help streamline the assessment process which can help assessors use advanced technology to more accurately reflect values and in some cases reduce the market value of properties to save more on property taxes.  Depending on how you calculate property values, Oklahoma has among the LOWEST property taxes in the nation.

“Four property tax saving options are available: Homestead Exemption, Senior Valuation Freeze, Additional Homestead Exemption, and an exemption for 100% Disabled American Veterans.  If you have a question, please contact our friendly staff by phone at (405)713-1236 and talk with a real person who will be able to answer any questions you may have,” Stein said.

Homestead Exemption

Homestead Exemption lowers your property tax bill on your home and can provide a property tax savings of $87 to $141 in Oklahoma County by exempting the first $1,000 of assessed value from taxation on your residential property.  For the property tax savings to be in effect for 2025, you must file by March 15, 2025, online, by mail, or in person with the Oklahoma County Assessor’s Office at 320 Robert S. Kerr, Room 315.  The Homestead Application and all other applications are available at www.oklahomacounty.org/assessor.

Senior Valuation Freeze

Senior citizens (65 and older) earning $89,500 or less are eligible for the Senior Valuation Freeze which can reduce your property tax bill over time.  This will freeze the taxable assessed value of your residential property.  For the property tax savings to be in effect for 2025, you must file by March 15, 2025, online, by mail, or in person with the Oklahoma County Assessor’s Office, 320 Robert S. Kerr, Room 315.  If you are currently benefiting from the Senior Valuation Freeze on your homesteaded property, there is no need to reapply.  Assessors urged this constitutional change and tied the income to the median family of four Housing and Urban Development (HUD) income which can change from year to year to reflect inflation.

Additional Homestead Exemption

An additional homestead will deduct another $1,000 from the assessed value of your home. This exemption will save you an additional $87 to $141 in taxes.  Regardless of age, if the annual gross household income from all sources received by all persons occupying the same household is $30,000 or less, you qualify for the additional exemption.  Fill out both parts of the short application form and file online, by mail, or in person with the County Assessor by March 15^th of the year in which the exemption will begin.  You must file for this exemption annually with the County Assessor by March 15^th as long as your income is $30,000 or less until your reach the age of 65.

100% Disabled American Veterans

American military veterans who are 100% service-connected disabled may be eligible for a total exemption from any property taxes on their homestead property.  This plan also allows the un-remarried surviving spouse to continue enjoying the property tax break for as long as he or she owns the property.  If you are a qualified 100% service-connected disabled military veteran or if you have a family member or friend who might qualify, please have them call the Oklahoma County Assessor’s office at 405-713-1236 or the USDVA at 1-918-781-7766 so we can help qualified individuals get this important property tax savings.  Filing can be online, by mail, or in person.

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