Oklahoma § 68-2890 - Additional homestead exemption

§ 68-2890. Additional homestead exemption

A. In addition to the amount of the homestead exemption

authorized and allowed in Section 2889 of this title, an additional

exemption is hereby granted, to the extent of One Thousand Dollars

($1,000.00) of the assessed valuation on each homestead of heads of

households whose gross household income from all sources for the

preceding calendar year did not exceed Thirty Thousand Dollars

($30,000.00).

B. The term "gross household income" as used in this section

means the gross amount of income of every type, regardless of the

source, received by all persons occupying the same household,

whether such income was taxable or nontaxable for federal or state

income tax purposes, including pensions, annuities, federal Social

Security, unemployment payments, public assistance payments,

alimony, support money, workers' compensation, loss-of-time

insurance payments, capital gains and any other type of income

received, and excluding gifts. The term "gross household income"

shall not include any veterans' disability compensation payments or

the amount of any federal stimulus or relief payments related to the

COVID-19 virus. The term "head of household" as used in this

section means a person who as owner or joint owner maintains a home

and furnishes support for the home, furnishings, and other material

necessities.

C. The application for the additional homestead exemption shall

be made each year on or before March 15 or within thirty (30) days

from and after receipt by the taxpayer of notice of valuation

increase, whichever is later, and upon the form prescribed by the

Oklahoma Tax Commission, which shall require the taxpayer to certify

as to the amount of gross income. Upon request of the county

assessor, the Oklahoma Tax Commission shall assist in verifying the

correctness of the amount of the gross income.

D. For persons sixty-five (65) years of age or older as of

March 15 and who have previously qualified for the additional

homestead exemption, no annual application shall be required in

order to receive the exemption provided by this section; however,

any person whose gross household income in any calendar year exceeds

the amount specified in this section in order to qualify for the

additional homestead exemption shall notify the county assessor and

Oklahoma Statutes - Title 68. Revenue and Taxation

the additional exemption shall not be allowed for the applicable

year. Any executor or administrator of an estate within which is

included a homestead property exempt pursuant to the provisions of

this section shall notify the county assessor of the change in

status of the homestead property if such property is not the

homestead of a person who would be eligible for the exemption

provided by this section.

Added by Laws 1988, c. 162, § 90, eff. Jan. 1, 1992. Amended by

Laws 1991, c. 249, § 10, eff. Jan. 1, 1992; Laws 1996, c. 323, § 2,

eff. Jan. 1, 1997; Laws 2004, c. 447, § 8, emerg. eff. June 4, 2004;

Laws 2016, c. 56, § 1, eff. Nov. 1, 2016; Laws 2021, c. 372, § 1,

eff. Jan. 1, 2022; Laws 2023, 1st Ex. Sess., c. 5, § 1, eff. Jan. 1,

2024.