OKLAHOMA CITY (KFOR) – Officials say more senior citizens in Oklahoma County may be eligible for an assessment freeze by the Oklahoma County Assessor’s Office.
“The income level for the senior freeze in Oklahoma County has increased to $73,800 for 2020 for those 65 and older. You are eligible for the assessment freeze if your total household income is less than $73,800, which is the median family income for a family of four, according to the Department of Housing and Urban Development (HUD),” said Oklahoma County Assessor Larry Stein.
Last year, the maximum amount for total household income in Oklahoma County was $69,400.
“The HUD rate changes from county to county and is adjusted for inflation. The lowest income cap is in Adair County at $43,500. The highest income level is Woods County with an income of $81,800. If you currently have a homestead, you can apply for the senior freeze when you receive the Homestead Receipt this coming year, or the application is available online,” Stein said.
Also, homeowners can apply for a homestead exemption in order to save around $100 a year. However, officials say you must meet the qualifications and file an application before March 15.
“In Oklahoma County, if you lived in your home on January 1st of 2019, and it’s your primary residence, then you may be eligible for a homestead exemption. The homestead exemption provides an exemption of the first $1,000 of assessed value and after the calculations, and depending on your tax rate, a homestead exemption can save you $100 or more each year,” Stein said.