Oklahoma § 62-886 - Residences qualifying for tax exemption - Application Limit on amount

§ 62-886. Residences qualifying for tax exemption - Application Limit on amount

A. Upon creation of a housing reinvestment district pursuant to

the provisions of Section 5 of this act, there shall be granted

exemptions from ad valorem taxes upon property that qualifies for a

homestead exemption as follows:

1. A newly constructed residence located on a parcel upon which

a residence has not previously been located within a ten-year period

immediately preceding the date of the commencement of construction

shall be exempt from ad valorem taxes for a period of two (2) tax

years, beginning with the tax year the property first qualifies for

a homestead exemption, to the extent of the ad valorem taxes upon

the parcel of property upon which the residence is located

attributable to the difference in the fair market value of such

Oklahoma Statutes - Title 62. Public Finance

parcel in such tax year compared to the fair market value of such

parcel in the tax year in which construction of the residence

commenced;

2. A newly constructed residence located on a parcel upon which

a residence was previously located within a ten-year period

immediately preceding the date of the commencement of construction

shall be exempt from ad valorem taxes for a period of three (3) tax

years, beginning with the tax year the property first qualifies for

a homestead exemption, to the extent of the ad valorem taxes upon

the parcel of property upon which the residence is located

attributable to the difference in fair market value of such parcel

in such tax year compared to the fair market value of such parcel in

the tax year in which construction of the residence commenced; and

3. A residence to which an improvement, as defined in Section

2802.1 of Title 68 of the Oklahoma Statutes, has been made, in an

amount which increases the fair cash value of the property by not

less than Twenty Thousand Dollars ($20,000.00) as determined by the

county assessor, shall be exempt from ad valorem taxes for a period

of five (5) tax years, beginning with the first full tax year

following completion of the improvement, to the extent of the amount

of ad valorem taxes attributable to the value of the improvement.

For purposes of this section, a “newly constructed residence”

shall mean a dwelling for which construction was commenced after the

creation of the housing reinvestment district in which the dwelling

is located.

B. The owner of any property qualifying for an exemption as

provided in subsection A of this section shall apply to the county

assessor on or before March 15 of the first tax year for which the

exemption is sought for the granting of such exemption. Such

exemption shall not be granted unless the property owner is in

compliance with all ad valorem tax laws of this state. If the

property owner ceases to be in compliance with all ad valorem tax

laws of this state during the period of the exemption, the exemption

shall be disallowed.

C. An exemption from ad valorem taxes in any area included

within the boundaries of an enterprise area, a historic preservation

area or a reinvestment area as such terms are defined in Section 853

of Title 62 of the Oklahoma Statutes, or in a rural housing

incentive district established in accordance with the Oklahoma Rural

Housing Incentive District Act, in which ad valorem tax revenues or

other local tax revenues, or any increment or portion thereof, are

apportioned or allocated for the repayment of bonds pursuant to the

Local Development Act or the Oklahoma Rural Housing Incentive

District Act, shall be limited to the amount of ad valorem taxes not

so apportioned or allocated.

Added by Laws 2002, c. 344 , § 6, eff. Jan. 1, 2003.

Oklahoma Statutes - Title 62. Public Finance