It’s Time for Your Annual Reminder!!
My job doesn’t stop at the closing table, I’m your mortgage advisor for life. At closing I tell clients about these money saving items, as they apply, and then at the end of the year or beginning of the new year, I try to remind them: NOW IS THE TIME!!
If you are a new homeowner this year or you haven’t filed before, then you should look into if you are eligible for these money saving filings. You only need to do it ONCE, and you can only have one property with exemption (primary residence) and only in ONE county in the State of Oklahoma. Read the following information on the 3 exemptions: Homestead Exemption | Senior Freeze | VA Exemption below
Then: be sure you scroll to the bottom for a link to the podcast where Cherokee County Assessor, Stephanie Hamby, and I discuss these issues and many other title items that homeowners NEED to know!
Homestead Exemption:
This is an exemption (reduction in the amount) on the assessed valuation of your home. So that means when the assessor calculates property taxes, if you have applied and been accepted, they will deduct that exemption from the assessed amount, resulting in a lower property tax rate.
The time to apply for this is from Jan 1-March 15
To Qualify:
- You must be the homeowner on January 1 to apply. That means if you bought your house after January 1st, you will need to wait until next year to apply.
- Only for primary residences
- The deed must be executed on or before January 1 and filed with the County Clerk’s Office on or before February 1. You must be a resident of Oklahoma.
You apply at the County Assessor’s Office in your county.
Senior Freeze:
Applicants must be 65 years or older to apply for the senior freeze.
Total household income cannot exceed $30,000 per year for the Homestead double exemption, and $68,000 for the senior freeze. (These amounts increased for 2024.)
Proof of income must be shown when applying. Apply at the County Assessor’s office in your county.
Disabled Veterans:
Veterans who have a 100 percent service-connected disability and are eligible for the homestead exemption will need to bring their letter (certificate/award letter) to the assessor’s office before March 15 to file for the 100 percent disabled veteran exception. Those who may be eligible should contact the Veterans Administration.
For more information, contact the county assessor’s office in your county.
Listen to Learn More:
Podcast with Cherokee County Assessor, Stephanie Hamby. We discuss property taxes, exemptions and assessment and other related topics. Enjoy!
Please Note: The income limits have increased for 2024 since this podcast aired. Double Homestead is now $30,000 and Senior Freeze is $68,000 (gross household income)
