Oklahoma § 68-2890.1 - Application for limit on fair cash value of homestead Qualifications for limitation

§ 68-2890.1. Application for limit on fair cash value of homestead Qualifications for limitation

A. The application for a limit on the fair cash value of

homestead property as provided for in Section 8C of Article X of the

Oklahoma Constitution shall be made on or before March 15 or within

thirty (30) days from and after receipt by the taxpayer of a notice

of valuation increase, whichever is later. The application shall be

made upon a form prescribed by the Oklahoma Tax Commission, which

shall require the taxpayer to certify as to the amount of gross

household income. As used in Section 8C of Article X of the

Oklahoma Constitution, “gross household income” shall be as defined

in Section 2890 of this title. Upon request of the county assessor,

the Oklahoma Tax Commission shall assist in verifying the

correctness of the amount of the gross income.

B. For persons who have previously qualified for the limitation

on the fair cash value of homestead property as provided for in

Section 8C of Article X of the Oklahoma Constitution, no annual

application shall be required in order to be subject to the

limitation. However:

1. Any such person whose gross household income in any calendar

year exceeds the amount provided for in Section 8C of Article X of

the Oklahoma Constitution shall notify the county assessor and the

limitation shall not be allowed for the applicable year; and

2. Any such person who makes improvements to the property shall

notify the county assessor and the improvements shall be assessed in

accordance with law by the county assessor and added to the assessed

value of the property as provided in Section 8C of Article X of the

Oklahoma Constitution.

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

included a homestead property subject to the limitation of the fair

cash value of homestead property as provided for in Section 8C of

Article X of the Oklahoma Constitution shall notify the county

assessor of the change in status of the homestead property if such

Oklahoma Statutes - Title 68. Revenue and Taxation

property is not the homestead of a person who would be eligible for

the limitation of the fair cash value of homestead property.

Added by Laws 1997, c. 304, § 11, emerg. eff. May 29, 1997. Amended

by Laws 2000, c. 314, § 28, eff. July 1, 2000; Laws 2004, c. 447, §

9, emerg. eff. June 4, 2004; Laws 2005, c. 1, § 114, emerg. eff.

March 15, 2005.

NOTE: Laws 2004, c. 383, § 1 repealed by Laws 2005, c. 1, § 115,

emerg. eff. March 15, 2005.