The 2025 new year presents an opportunity for Oklahoma homeowners to prepare for tax season by taking advantage of available home ownership tax credits. With the deadline for filing these credits typically falling in March, now is the perfect time to get organized and ensure you’re not leaving any savings on the table!

Understanding Assessed Value and Property Taxes

In recent years, the real estate market has seen significant fluctuations, leading to increased home sales prices. However, Oklahoma homeowners can breathe a sigh of relief knowing that the assessed value of their homes cannot increase by more than 5% per year, regardless of market trends, unless the property is sold. This means that long-term homeowners may find their property taxes have increased at a slower rate compared to recent buyers, whose purchases trigger a reassessment of their home’s value.

Tax Breaks Available for Homeowners

Fortunately, Oklahoma offers several tax breaks that can help alleviate the burden of rising property taxes. Here’s a closer look at the options available...

Homestead Exemption

The Homestead Exemption is a fantastic way to save on property taxes, providing an exemption on the first $1,000 of your home’s assessed value. This can translate to savings of approximately $75 to $130. To apply, simply fill out the Oklahoma Homestead Exemption form (OTC 921) and submit it to your County Assessor.

Senior Home Valuation Freeze

For homeowners aged 65 and older with a gross household income of less than $85,300, the Senior Valuation Limitation (Senior Freeze) is an excellent option. This program freezes the taxable value of your homestead at the time your application is approved, protecting you from future increases. The Senior Valuation Limitation Application form (OTC 994) can be found here.

Additional Homestead Exemption

If your gross household income is below $25,000, you may qualify for an additional $1,000 exemption from your home’s assessed value, effectively doubling your Homestead Exemption. This requires the same Senior Valuation Limitation Application form (OTC 994) form as the Senior Freeze (found under Part IV: Additional Homestead).

100% Disabled Veterans Exemption

For 100% disabled veterans who qualify for a Homestead Exemption, there is a complete exemption from all property taxes. To apply, you’ll need to fill out the 100% Disabled Veteran Exemption form (OTC 998).

Take Action Now!

As we embark on this new year, it’s crucial to take proactive steps to ensure you’re maximizing your savings on property taxes. Gather the necessary documentation, familiarize yourself with the forms, and consult with your Flotilla Partner for any questions regarding your home ownership needs.

By preparing early and understanding the tax credits available to you, you can make the most of your home ownership experience in 2025. Don’t let the opportunity for savings slip away—start your preparations today!

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