In the state of Oklahoma, homeowners who live in their own residence can apply for a homestead exemption to lower their annual tax bill.
State law prevents your home’s assessed valuation from rising more than 3% in a single year for properties that receive the homestead exemption.
Seniors 65 years of age and older and who earn less than $99,000 a year can also be eligible to have their current assessment frozen for future years, which can reduce the amount of property tax paid. Seniors who have already had their assessments frozen do not have to reapply.
An additional homestead exemption is available for households of any age that make less than $30,000 a year. This tax break also disregards an additional $1,000 in valuation but must be claimed every year.
Oklahoma also offers a separate exemption for people who own a mobile home that’s on someone else’s property. Veterans who are 100% disabled are eligible for a complete elimination of property taxes on their homestead.