Homestead exemption will lessen property taxes

Homeowners still have time to apply for homestead exemptions on their property taxes.

County Assessor Grant Edwards said property owners have until Dec. 31, 2024, to file for the homestead exemption that would be applied to taxes for 2025. Property owners actually are able to apply for the exemption all year long, but those filed after March 16 are applied to the following tax year; those filed between Jan. 1 and March 15 will be applied to the current tax year.

Edwards said the exemption is a genuine win for property owners, and he is surprised more people don’t apply for it.

“It takes $1,000 off your assessed value, but also protects your home in case of lawsuit,” he said. “if you don’t have it and your property is Capped, it will go up 5 percent each year instead of the 3 percent for those people who have Homestead.”

Under state guidelines, those who file must reside in the property as of Jan. 1 of the filing year, with the deed filed before Feb. 1 of the year of filing. Those people also must have their name on the deed. Those who applied for homestead exemption in past years need not renew their application.

State guidelines specify that in addition to reducing property taxes, the exemption will protect a homeowner if he/she is sued and loses. While the general savings on property taxes is $1,000 on the assessed valuation, actual tax savings will depend on the millage assessed for the school district in which the property owner lives.

Other savings are available.

Any homeowner living on the property at any age may qualify for double homestead if their total gross household income is $30,000 or less for the previous year.

Those age 65 and older, with a total gross household income of $71,200 or less for the 2024 tax year and owning and occupying the property as of Jan. 1, may qualify for a property valuation limitation (tax freeze), which freezes the value at the rate applied in December of the application year.

Those age 65 and older or totally disabled, with an income of less than $12,000, may qualify for a partial refund of their previous year paid taxes.

Exemptions also apply for disabled military veterans and their surviving spouses. Criteria includes: veteran must have been honorably discharged from the Armed Forces or Oklahoma National Guard; must be a state resident; must have a 100 percent permanent disability sustained through military action or accident, or the result of a disease contracted while in active service, and certified by the U.S. Department of Veterans Affairs; and otherwise qualified for a homestead exemption.

Once granted, a homestead exemption remains in effect as long as the taxpayer has no delinquent accounts appearing on the personal property tax lien docket in the County Treasurer’s Office. Exemptions are cancelled for those with delinquent taxes.

Additional information is available at the Comanche County Assessor’s Office, (580) 355-1052. The office will be closed Monday through Wednesday for the Christmas holiday, and on New Year’s Day.