New laws take effect in the Sooner State; Tax-breaks and property values
OKLAHOMA – The first of the year means there are a few new laws taking effect in the Sooner state.
In November, voters approved a new cap on how much property values can increase in a single year.
That means your primary residence can’t go up in value more than 3% in a single year. The previous cap was 5%.
There is also a tax-break for elderly and retired Oklahomans who will qualify for new property tax breaks on manufactured homes located on rented land.
It will likely translate in lower taxes of one to $200.00 dollars for the average citizen.