Senior Valuation Limitation

    The Senior Valuation Limitation locks in the taxable value for those who apply and meet the following requirements:

  1. Head-of-household (as defined below) must be age 65 or older prior to January 1, of the current year.
  2. Head-of-household must be an owner of and occupy the Homestead property on January 1, of the current year.
  3. Head-of-household must have a
    VALID     Homestead Exemption on file.
  4. Gross household income (as defined below) cannot exceed $57,600 for the preceding calendar year.
  5. The Assessor’s Office must complete the Oklahoma Tax Commission Form 994 to verify income for the preceding calendar year. 
  6. An application for Senior Valuation Limitation must be filed between January 1 and March 15, or within 30 days from the date issued on the "Notice of Change in  Assessed Value of Real Estate”.
    Please refer to the Community Outreach Events Program and Calendar for a list of times and places applications will be accepted in addition to applying at the Assessor's Office.
  7. The application must be completed in its entirety regarding income, age, ownership, and other information for the limitation to be valid.

If the application is denied, the property owner
has the right to appeal to
 the County Board of Equalization.

 *Note:  The property value will be frozen at the taxable value after all increases and adjustments, have been made the year application  is made, not at the previous years taxable value.

Gross Household Income
"Gross household income" is defined in 68 O.S. Section 2890 as used in this section means "the gross amount of income of every type, regardless of the source, received by ALL PERSONS occupying the same household, whether such income was taxable or nontaxable for Federal or State income tax purposes, including pensions, annuities, federal social security, unemployment payments, veteran's disability compensation, public assistance payments, alimony, support money, workmen's compensation, loss of time insurance payments, capital gains, and any other type of income received excluding gifts.  The applicant may be required to provide sufficient proof to substantiate the validity of the income
statement.

Head-of-Household
"Head-of-Household" is defined in 68 O.S. Section 2890 as "a person who as owner or joint owner maintains a home and furnishes support for said home furnishings, and other material necessities."

 

Special Notice

     The Senior Valuation Limitation locks in valuation, but does not freeze all taxes.  The tax amount could increase under these three specific situations:

  1.   Additional millage or levy is added.
     
  2.   Judgment against the County.
     
  3.   Voters modify assessment percentages under authority
      of State Question 675.

      The Senior Valuation Limitation may be obtained in addition to participation in the Property Tax Refund and the Additional Homestead Exemption programs.

     If previously qualified for the limitation on the taxable value of homestead property, no annual application is required. (68 O.S. 1997, Supp., Section 2890.1-b)

     However, if income exceeds $54,700 in any year, the person shall notify the County Assessor that the limitation shall not be allowed for the applicable year.  (68 O.S. 1997 Supp., Section 2890.1-B1) [H.B. 2071 effective May 29, 1997]

Circumstances For Removal of Senior Valuation Limitation

  • The limitation is valid on the property as long as the property is not improved or transferred.
     
  • If title is transferred, changed, or conveyed to another person, the Senior Valuation Limitation shall expire.  The Assessor is then required to assess the property at its fair market value.
     
  • Improvement to the property, such as a room addition, will increase the valuation limitation.  The additional value will be added to the value of the property which has been limited.  The new total value is limited again as long as the requirements are met.
     
  • Physical additions or changes considered to be maintenance - such as normal repairs or minor remodeling, minor efficiency improvements, or retrofit improvements such as wheelchair ramps - are not considered physical improvements affecting the Senior Valuation Limitation.
     
  • If gross household income from all sources, except gifts, exceeds $54,700, the limitation shall expire.  The value of the property is then subject to the 5 percent cap increase for that year.

Do You Qualify For Additional Homestead Exemption?

Do You Qualify For Oklahoma Claim For Credit or Refund of Property Taxes (538-H Circuit Breaker)?

For more information about Senior Valuation Limitation,
please contact:

Ken Yazel
Tulsa County Assessor
Homestead Department
Tulsa County Admin. Bldg., Room 215
500 S. Denver
Tulsa, OK  74103
(918) 596-5143
 (8:30 AM - 5:00 PM, CST,  M-F)

Last Modified 10/07/09