Senior Valuation Limitation


The Senior Valuation Limitation locks in or freezes the Taxable Fair Cash Value.

Apply

Note: In order to be effective for the current year, applications must be received no later than March 15 or within 30 days from the mailing date indicated on the "Notice of Increase in Valuation of Real Property".

  • You must qualify for Homestead Exemption.
  • You must be the head of household.
  • You must be 65 years or older prior to January 1 of the current year.
  • Gross household income (as defined below) cannot exceed the H.U.D. qualifying income for the preceding year.
  • The H.U.D. median income for 2021 is $74,200. Therefore, the H.U.D. qualifying income for the 2022 property tax year is $74,200.
  • You will be required to provide all W-2 forms and 1099 forms for everyone living in the home during the last calendar year along with your application.
  • Gross Household Income
  • "Gross Household income" is defined in 68 O.S. Section 2890 as "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, public assistance payments, alimony, support money, worker's compensation, loss of time insurance payments, capital gains, and any other type of income received excluding gifts." The term “gross household income” shall not include any veterans’ disability compensation payments. The applicant will 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."

    The Senior Valuation Limitation locks in the Taxable Fair Cash Valuation, but does not freeze taxes. The tax amount could increase each year under these three specific situations:

    • Additional millage or levy is added by the Tulsa County Excise Board;
    • Judgment is taken against the County; or
    • Voters modify assessment percentages set forth in Article X, Section 8 of the Oklahoma Constitution.

    The Senior Valuation Limitation may be obtained in addition to the Credit or Refund of Property Tax and the Additional Homestead Exemption.

    No annual application is required if a Senior Valuation Limitation has been granted; however, if income exceeds the H.U.D. qualifying income in any year, the person shall notify the County Assessor that the limitation shall not be allowed for the applicable year. [68 O.S., Section 2890.1(B)(1)]


  • In Person — You may apply at the Tulsa County Assessor's Office between 8:00–5:00 Monday–Friday (excluding holidays) between January 1 and March 15 or within 30 days from the mailing date indicated on the "Notice of Increase in Valuation of Real Property". Our office is located at:

    Tulsa County Headquarters, 5th floor
    218 W. Sixth St.
    Tulsa, OK 74119

  • By Mail — You may download and fill out the Senior Valuation Limitation Application and return it by mail to this address:

    John A. Wright, Tulsa County Assessor
    Attn: Taxpayer Services
    Tulsa County Headquarters, 5th floor
    218 W. Sixth St.
    Tulsa, OK 74119

  • Field Office — In January, a list of field offices will be set up to provide greater convenience for filing a Senior Valuation Limitation. Please refer to the Calendar of Events for a list of times and places. This list will also be published in the Tulsa World and other Tulsa County newspapers.

* You will be required to provide all W-2's and 1099 forms or a completed tax return for everyone living in the home during the last calendar year along with your application.


Circumstances for the removal of a 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.
  • Improvement to the property, such as a room addition, will increase the Fair Cash Value (Market) and Taxable Fair Cash Value. The additional value will be added to the value of the property which had been previously limited. The new Taxable Fair Cash 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 that would affect the Senior Valuation Limitation.
  • If gross household income from all sources, except gifts and veterans disability compensation payments, exceeds the H.U.D. qualifying income, the limitation shall expire. The Taxable Fair Cash Value of the property is then subject to the 3 percent cap for that year pursuant to Article X, Section 8B of the Oklahoma Constitution.

If the application is denied, the property owner has the right to appeal to the Tulsa County Board of Equalization. (Title 68 O.S. §2895)


Other Exemptions

Do You Qualify For Homestead Exemption? (Homestead)

Do You Qualify For Additional Homestead Exemption? (Double Homestead)

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

Do You Qualify For Disabled Veterans Exemption?