(Cushing, Okla.) City of Cushing recently released information regarding Homestead Exemption filing in Cushing. Payne County Assessor’s deputies will be coming to Cushing on Tuesday, Feb. 11th to meet with taxpayers who wish to file homestead exemption applications and renditions. Hours are 8:30 a.m. to 4 p.m. at City Hall, 100 Judy Adams Blvd.
Oklahoma law states that all personal property in this state is taxable unless otherwise exempt. Personal property lists must be rendered each year in the assessor’s office in the county where the property is located. Rendition forms are available at the assessor’s office in Stillwater and must be filed by March 15 to avoid penalty. That office is located in Room 102 of the Payne County Administration Building located at 315 W. 6th Ave. Office hours are Monday through Friday, 8 a.m. to 5 p.m.
To qualify for homestead exemption, you must be the record actual owner and occupying the property as your principle place of residence on Jan. 1. Applications are available in the assessor’s office and can be filed any time. New applications made after March 15 will apply to the next year.
SPECIAL NOTICE TO HOMEOWNERS AGE 65 AND OLDER:
The Oklahoma Constitution now allows a Property Valuation Freeze on the homestead property of qualified citizens who are age 65 or older on Jan. 1 and have a gross household income of $57,500 or less (this changes yearly). Gorss household income includes all income from every source including Social Security, interest, wages, rents and other income whether taxable for federal or state income tax purposes.
DOUBLE HOMESTEAD EXEMPTION:
Any homeowner who is otherwise eligible for homestead exemption and has a gross household income (meaning everyone who lives in the house) of $20,000 or less for the prior year may qualify for an additional homestead exemption. Proof of income such as W-2 and 1099 form may be required.
**IMPORTANT NOTICE**
The filing period for the valuation freeze and additional homestead exemption is Jan. 1 to March 15 only. Applications cannot be accepted any other time.
**TAX CREDIT OR REFUND**
Any person 65 or older or any totally disabled person who is head of household, was a resident of this state during the entire preceding calendar year and whose gross household income does not exceed $12,000 is qualified for this program. This requires the form 538H be completed and amiled to the Oklahoma Tax commission, 2501 N. Lincoln Blvd., Oklahoma City, OK 73194-0009. This form is in the office or can be received by calling 405-521-3108 and ask for the Oklahoma Tax Commission Income Tax Section. You must still pay your taxes in full to the county and then attach your receipt to the form 538H. The tax refund is calculated by substracting 1% of your income form the amount of property taxes you paid. a refund may not exceed $200.
**VETERAN’S EXEMPTION**
Beginning Jan. 1, 2006, you may qualify for a property tax exemption if you are either (1) a veteran, (2) the surviving spouse of a veteran, or (3) a totally disabled veteran. You must be an Oklahoma resident. an exemption from property tax on homesteads is available for 100% disabled veterans. The exemption would apply to certain injured veterans and their surviving spouses. Application forms may be picked up at the Payne County Assessor’s office.
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