Senior Valuation Freeze
(1) Head-of-household (as defined below) must be age 65 or older as of January 1, 2021.
(2) Head-of-household must be an owner of and occupy the Homestead property on January 1, 2021.
(3) Gross household income (as defined below) cannot exceed $74,400 for the preceding calendar year. This amount is determined by the United States Department of Housing and Urban Development (H.U.D.) as the qualification income for your individual county of residence. The qualification income levels may be different for each county and are subject to change each year. Contact your county assessor for the exact qualification income.
(4) An application for Senior Valuation Freeze must be filed between January 1 and March 15th, or within thirty (30) days from and after receipt by the taxpayer of notice of valuation increase, which ever is later. The freeze will take affect for the taxable year in which the application is made and approved. No annual application is required.
(5) The application must be completed in its entirety regarding income, date of birth, ownership, and other information for the freeze to be valid.
*Note: The property value will be frozen at the taxable value after all increases and adjustments have been made the year application is made, not at the previous years taxable value.
Gross Household Income
"Gross household income" is defined in 68 O.S. Section 2890 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, workmen's compensation, loss of time insurance payments, capital gains and any other type of income received; excluding gifts. The applicant may be required to provide sufficient proof to substantiate the validity of the income statement. The term "gross household income" shall not include any veterans' disability compensation payments.
"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."
Please call (405) 713-1235 or EMAIL if you have any questions or comments.
Download the Senior Valuation Freeze form here