The Senior Valuation Limitation locks in or freezes the Taxable Fair Cash Value.
To Qualify for the Senior Valuation Limitation
You must qualify for Homestead Exemption.
You must be the head of household.
You must be 65 years or older prior to January 1 of the current year.
Gross household income (as defined below) cannot exceed the H.U.D. qualifying income for the preceding year.
The H.U.D. median income for 2017 is $45,600. Therefore, the H.U.D. qualifying income for the 2018 property tax year is $45,600.
You will be required to provide all W-2 forms and 1099 forms for everyone living in the home during the last calendar year along with your application.
In Person — You may apply for a Senior Valuation Limitation at the County Assessor’s Office during regular business hours between January 1 and March 15 or within 30 days from the date of issue on the “Notice of Increase in Assessed Value of Real Estate”.
By Mail — You may download and fill out the Property Valuation Limitation
Note: The property value will be frozen at the Taxable Fair Cash Value after all increases and adjustments have been made for the year the application is made and not at the previous year’s Taxable Fair Cash Value.
Gross Household Income
“Gross Household income” is defined in 68 O.S. Section 2890 as “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, worker’s compensation, loss of time insurance payments, capital gains, and any other type of income received excluding gifts.” The term “gross household income” shall not include any veterans’ disability compensation payments. The applicant will be required to provide sufficient proof to substantiate the validity of the income statement.
“Head-of-Household” is defined in 68 O.S. Section 2890 as “a person who as owner or joint owner maintains a home and furnishes support for said home furnishings, and other material necessities.”
The Senior Valuation Limitation locks in the Taxable Fair Cash Valuation, but does not freeze taxes.
The tax amount could increase each year under these three specific situations:
Additional millage or levy is added by the County Excise Board;
Judgment is taken against the County; or
Voters modify assessment percentages set forth in Article X, Section 8 of the Oklahoma Constitution.
The Senior Valuation Limitation may be obtained in addition to the Credit or Refund of Property Tax and the Additional Homestead Exemption.
No annual application is required if a Senior Valuation Limitation has been granted; however, if income exceeds the H.U.D. qualifying income in any year, the person shall notify the County Assessor that the limitation shall not be allowed for the applicable year. [68 O.S., Section 2890.1(B)(1)]
Circumstances for the removal of a Senior Valuation Limitation
The limitation is valid on the property as long as the property is not improved or transferred.
If title is transferred, changed, or conveyed to another person, the Senior Valuation Limitation shall expire.
Improvement to the property, such as a room addition, will increase the Market and Taxable Fair Cash Value. The additional value will be added to the value of the property which had been previously limited. The new Taxable Fair Cash Value is limited again as long as the requirements are met.
Physical additions or changes considered to be maintenance – such as normal repairs or minor remodeling, minor efficiency improvements, or retrofit improvements such as wheelchair ramps – are not considered physical improvements that would affect the Senior Valuation Limitation.
If gross household income from all sources, except gifts and veterans disability compensation payments, exceeds the H.U.D. qualifying income, the limitation shall expire. The Taxable Fair Cash Value of the property is then subject to the 3 percent cap for that year pursuant to Article X, Section 8B of the Oklahoma Constitution.
If the application is denied, the property owner has the right to appeal to the County Board of Equalization.
Please contact the Assessor’s Office for more information about Senior Valuation Limitation.