How to Save $$$ on Your Property Taxes11/6/2020
1. Homestead Exemption
2. Senior Freeze
3. Disabled Veteran Exemption
1. Homestead Exemption:
If you own a home in Oklahoma, and you live in it, you should file for a Homestead Exemption. A Homestead Exemption is $1,000 of the assessed valuation of your primary residence. In 2019 this exemption saved the average Tulsa County resident who used it somewhere between $91 and $142 (according to the county assessor's office). You only have to file for this exemption once, and it carries over as long as you live there. If you aren't sure if you already have the exemption, you can contact the county assessor, or just ask me and I will be happy to look it up for you. You can apply online here or, if you like visiting government buildings or paying for postage, you can apply in person or by mail at the Assessor's Office:
John A. Wright, Tulsa County Assessor
Attn: Taxpayer Services
Tulsa County Administration Building rm 215
500 S. Denver
Tulsa, OK 74103
If you are 65, happy birthday, it's finally time to get those discounts at the movies and start all the traveling you've been planning, but while you are having all that retirement fun, don't forget to file this Freeze on your home's value. According to Zillow.com, the average home value increases between 3-5% annually and since the average age of admittance to a nursing home is 79 (footnote link) that gives most of us about 15 years of added value, which might be 75% of your current value, to save on your taxes. That's way better than that senior discount on a $7 movie ticket! Unfortunately, you can't file for this one online, and there are some additional requirements, but you can find all of them here.
3. Disabled Veteran Exemption:
First, let me say, if you qualify for this exemption, thank you for your service. This exemption, available to 100% disabled veterans, their surviving spouse, or the unremarried spouse of a veteran killed in action, provides for the full, fair cash value (market value) of the property that you own and live in. This exemption does not need to be renewed for as long as the requirements are met, but you will have to file a new application if you move to a new home. This is probably my favorite exemption and I want every eligible veteran, and their spouses, to take advantage of the benefits that they deserve. This is the only one that I know of that requires you to apply in person at the Assessor's office, and you will need proper certification from the US Department of Veteran's Affairs. There are more details on the Assessor's website check it out.
It is important to remember that all of these exemptions take effect as of the January 1st that you file it and own the property. If filed after March 15th, the exemption will not take effect until the following January, so go ahead and make plans to file at the first of the year. The Homestead Exemption can be filed anytime (here) but, remember, it won't take effect until January 1st. I don't know about you, but I'm always looking to keep more of my money, so I will definitely be filing a Homestead Exemption on my new home!
Call me anytime for more information, a no-cost value analysis of your home, or just to have coffee! 918-978-1889