The Norman Transcript

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January 19, 2013

Homestead filing deadline nears

(Continued)

NORMAN —

If you are 65 or older as of March 15 of the filing period and qualify for additional homestead, you will not have to renew the additional homestead annually. However, it will be the responsibility of the taxpayer to notify the Assessor’s Office if your income exceeds $20,000.

People who own a mobile home and the land, can also get Homestead or Double Homestead. For those who own the mobile home but do not own the land, a tax exemption is available for those who are age 62 or older and have an income of $30,750 or less. Bring a copy of the title and proof of three years paid back taxes.

Senior freeze is also an available exemption in Oklahoma. Persons aged 65 or older who are the head-of-household owner of the home and also live in the home on Jan. 1 can qualify.

“If, by Jan. 1, you are 65 years of age or older and you’re total household gross income is at or below the level for this year, you can apply for the Senior Freeze,” Tinsley said.

The Senior Freeze level for 2013 is $61,500, he said.

The Senior Freeze freezes the taxable level so that taxable value can’t increase.

“They can decrease,” Tinsley said. “They just can’t increase.”

An application for Senior Valuation Freeze must be filed between Jan. 1 and March 15 or within 30 days from the date of a notice of valuation increase. The freeze will take affect for the taxable year in which the application is made and approved. Once you have qualified, the freeze will apply each year. The application must be fully completed with income, age, ownership, and other information for the freeze to be valid.

Taxes can still increase on the Senior Freeze if the millage increases on a property. For example, when a bond is approved by voters and that bond is to be paid off by property taxes, the millage amount may increase even though the taxable valuation is frozen.

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