Oklahoma

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State of Oklahoma Property Taxes


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State Tax Summary
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The state of Oklahoma names the real property tax Ad Valorem Tax. The official value standard states that the Fair Cash Value “means estimated at the price the property would bring at a fair, voluntary sale for 1.) the highest and best use for which the property was actually used during the preceding year; or 2.) the highest and best use for which the property was last classified for use if not actually used during the preceding calendar year.” Oklahoma statutes, as amended.

The county assessor keeps records for taxable real property and personal property in each county in Oklahoma, and determines fair market value each year. The market value may increase or decrease, dependent on real estate market in the country. Real properties are buildings and land. Personal properties are business fixtures, furniture, equipment, inventory, farm equipment, and manufactured homes. The Oklahoma County Assessor makes sure all taxable properties in Oklahoma County are taxed on an equitable basis. There are more than 300,000 parcels in a 720 square mile area. Tax details are available on the Oklahoma assessor’s website at <http://www.oklahomacounty.org/assessor/GeneralInfo.htm> Oklahoma ranks 47th lowest in real property taxes. The state of Oklahoma, by statute, allows personal exemptions for homeowners, renters, seniors, those with disabilities and veterans. There are exemptions for government, religious, charitable, and educational property. Cemeteries and hospitals are exempt from property taxes. There are five levels in the appeal procedure, beginning with a February deadline to request an informal meeting with the local tax assessor to resolve the problem. The Dallas Area Service Center (ASC) provides tax service for Oklahoma.

Contents

Responsible agency

  • State of Oklahoma
  • Oklahoma Tax Commission
  • Ad Valorem Tax Division
  • 2501 Lincoln Boulevard
  • Oklahoma City, Oklahoma 73194
  • Voice (405) 521-3178
  • FAX (405) 521-3991

Property tax calendar

  • Assessment date January 1
  • Valuation Notice Date Notices are sent annually between February and May
  • Appeal Deadline 30 days from date of mailing of notice
  • Bill Payment Date Annual bill is due December 31. Non-escrow taxes may be paid in two installments: December 31 and March 31. The entire tax for the fiscal year is delinquent if less than one half of the taxes are paid before December 31.

Property tax rates and dates

  • Annual assessment of real property Yes
  • Classification of property Real property is residential, agricultural, commercial and industrial. Real property is Class I and assessed at 11% of true value.
  • Collections Taxes are collected one year in arrears.
  • Fiscal year July 1 through June 30
  • Level of government responsible for assessment County, State
  • Reassessment cycle Every 4 years
  • Tax Calculation Rate

Appraised Value x 11% x (Tax rate for area) - Exemption = Taxes due There are 75 tax rates, each set depending on school district and municipality. Rates are not set by the County assessor, and they vary from $75 to $125 per thousand.

Residential Exemptions

Homeowners must reside on their property on January 1 and file for exemption between January 1 and March 15. Exemption claims must be filed for a tax assistance or rental rebate program from January and March 15 of each year to receive an exemption.

  • Homestead

The homestead or dwelling place allows for an exemption. Oklahoma allows for an exemption of $1000 of assessed value.

  • Housing reinvestment

The homestead or dwelling place allows for an exemption if improvements are made beginning after 2002 and before 2013. Owners of new and remodeled homes in a housing reinvestment district are eligible under the Oklahoma Housing Reinvestment Program Act.

  • Native American

Any property owned by Native Americans in a treaty between the Native Americans and the U.S. government are exempt.

  • Senior Citizen Tax Assistance

Any taxpayer 62 years of age or older, whose household income for one year is $20,000 or less, may apply for an additional exemption of $1000. The homeowner does not need to reapply each year for this exemption unless the property changes ownership or if the taxes become delinquent. When taxes are delinquent, then the property goes onto the tax sale roll in October. Property owners over 65 years of age or older with an income of less than $25,000 may apply each year to have the assessed value of their residence frozen. The assessed value will change when a new deed is filed or if any improvements are made to the property.

  • Veterans

An application may be approved for an honorably discharged disabled veteran in a principal residence that served during the war periods of World War I, World War II, Korean War, Vietnam conflict and Desert Storm. The veteran receives an exemption of $200. Also, the veteran’s surviving spouse receives an exemption.

Commercial Exemptions

  • Agriculture Personal Property exemption

Property used for agriculture operations, such as growing crops, nursery stock, livestock; game animals, fowl, and reptiles kept on property for propagation or exhibition are exempt.

  • Conservation property

Nonresidential solar energy equipment and facilities built after June 30, 1997 are limited to ten years for qualifying personal property and twenty years for qualifying real property. Energy conserving heating, cooling equipment and systems fueled by solar or wind devises, geothermal resources or energy derived from solid waste conversions or water power are exempt.

  • Economic development

New and existing businesses may qualify for locating or expanding a business in an economic development area in Oklahoma and may apply for tax abatements of property and/or school taxes.

  • Fallout shelters

A taxpayer must file a declaration to exempt property used as radiation fallout shelters.

  • Mining and drilling

Mineral rights, property rights, and producing leases are exempt that produce asphalt, lead, zinc, jack, gold, silver, or copper; wells that produce gas or oil; or mines that produce uranium are exempt. Machinery, appliances, and equipment for well or mine operations are exempt. Property incorporated into drilling equipment that will be exported outside of the United States is exempt.

  • Utility facilities

Local governments may grant exemption for public utility facility, not to exceed five year exemptions, at the municipality option.

Tax Collector and Officials

Oklahoma has a Treasurer office to administer and collect taxes on real property. Collectors and Assessors are elected to four year terms. The Assessor’s office appraises and assesses all taxable property in each county. There are two lower level taxing entities: local improvement and special assessment districts. Lower level lien collecting taxing agencies may place liens and foreclose on properties when there is a tax delinquency. The due dates and power to sell vary by taxing entities. Lower level taxing entities do not grant a 10 day grace period.

Forms

Specific deduction claim forms are available from each county. The county assessor notifies property owners of an increase in their property fair market value and will assist homeowners to complete an affidavit required for the Homestead Exemption, as prescribed in Oklahoma law.

Forms due dates

Applications for deductions against real property must be filed with an affidavit to the local tax collector in Oklahoma and available on the inInternet

State assessor's manual

  • Oklahoma State Appraisal Manual
  • State of Oklahoma
  • Oklahoma Tax Commission
  • Ad Valorem Tax Division
  • 2501 Lincoln Boulevard
  • Oklahoma City, Oklahoma 73194
  • Price $35.00

How property tax determined

Residential property is assessed at 11% of fair cash value and the assessor determines the fair market value. Personal property is assessed at 13.75% of fair cash value. The assessor may use one of three methods.

  • Cost Approach

At current labor and material prices, estimate how much it would take to replace the property with one similar to it. Use this method when there are no sales of comparable properties.

  • Income Approach

For an apartment or office building, estimate how much income the property can produce.

  • Market Approach

Use other comparable properties that have sold recently, determine the most probable sales price of the subject property.

Appeal Procedure

  • First

Try to resolve the problem in an informal meeting with the tax assessor in the local county, after receiving an assessment notice.

  • Second

Next, if not satisfied with the informal meeting, file a formal appeal in writing with the County Board of Equalization.

  • Third

If not satisfied, file a formal appeal in writing to the District Court.

  • Fourth

If not satisfied, request a hearing before the county’s Court of Appeals.

  • Fifth

If not satisfied, request a hearing before the Oklahoma State Supreme Court. All administrative appeals must be exhausted before making any judicial reviews.

Additional tax classifications

  • Agricultural property tax

Agricultural land is Class I and assessed at 11% to 14% of assessed value.

  • Commercial property tax

Commercial and industrial property is Class I and assessed at 11% to 14% of assessed value.

  • Mobile homes

Mobile homes are assessed as real property, whether the mobile home is permanent or in a mobile home park. Real property is Class I and assessed and assessed at 11% to 14% of assessed value.

  • Personal property tax

Personal property is Class II and taxed at 13.75% of assessed value.

  • Public service

Public service property is Class III and taxed at 35% of assessed value.

Additional tax bills and charges

  • Construction Work in Progress

Property that is construction work in progress is assessed at fair value for the materials used as of January 1 assessment date. A new building is not assessed until January 1 following the date of completion.

  • Corrected bill

When an error is found on the original tax statement or when property owners go before the Board of Review, resulting in tax increases or decreases, a correct bill is issued when the corrections are made. Corrected bills are also issued when levy rates are wrong, the house is on the wrong tax lot and for homeowner exemption.

  • Delinquent taxes

Delinquent balances are applied to subsequent bills or payment may be rejected at the discretion of the taxing entity. Partial payments for current and prior year taxes are accepted at the discretion of the taxing entity. No notices are sent for delinquent taxes in Oklahoma.

  • Penalty and Interest charges

Penalties are assessed at 1.5% penalty per month for the current year.

Current Legislation and Pending Issues

References





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