OKLAHOMA – With the turn of the New Year, several new laws are now in effect across the state of Oklahoma.
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 dollars for the average citizen.
If your gross household income from all sources (except gifts) is $12,000 or less, AND you are at least 65 years of age OR totally disabled, you may be eligible for a property tax refund.
Application is made on Form 538-H which you may obtain from the Oklahoma Tax Commission, Forms Section.
You must pay your property taxes in full to the county and attach your receipt to the 538-H form.
The tax refund is calculated by subtracting 1% of your income from the amount of property taxes you paid.
A refund may not exceed $200.00.