Form Otc994 - Application For Property Valuation Limitation And Additional Homestead Exemption Page 2
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2Application for Property Valuation Limitation and Additional Homestead Exemption - Page 2
Instructions
Eligibility Requirements:
(1) Head-of-household must be age 65 or over as of January 1st of current year when filing for property valuation
limitation, or March 15 when filing for additional homestead.
(2) Head-of-household must be an owner of and occupy the homestead property on January 1.
(3) Valuation Limitation: Gross household income (collective income of all persons living in the homestead residence)
must not exceed the amount determined by the United States Department of Housing and Urban Development
(H.U.D.) as the qualification income for your individual county of residence. These qualification income levels may
be different for each county and are subject to change each year. Contact your county assessor for the exact
qualification income.
(4) Maximum household income qualification for the Additional Homestead Exemption is $20,000.00 for all counties.
(5) If age 65 or over and have been granted an Additional Homestead Exemption no application is required unless
your gross household income exceeded $20,000.00.
Part i. Identification of Real Property Affected by Application
The physical address or legal description should be entered here to properly identify the homestead residence.
The applicant is to sign and date the application.
Part ii. gross Household Income
Income from all sources of each individual who lives on the homesteaded property is to be included in this section.
(See definition for “gross household income” listed below.) The applicant may be required to provide sufficient proof to
substantiate the validity of the income statement.
Part iii. Valuation Limitation - (to be completed by the county Assessor)
Valuation Limitation: A limitation in valuation for homestead property for persons 65 years of age or over as of Janu-
ary 1 with gross household income not exceeding the H.U.D. qualifying income for the preceding year.
You must be age 65 or over as of January 1st to qualify. (Reference 68 O.S. §2890.1)
Part iv. Additional Homestead - (to be completed by county Assessor)
The application for the Additional Homestead Exemption and Senior Valuation Limitation shall be made each year
before March 15 or thirty (30) days after the receipt of a change in valuation notice, whichever is later. The application
must be made to the county assessor of the county where the homestead property is located. If the applicant is sixty-
five (65) years of age or more as of March 15th and who has previously qualified for the exemption or limitation, no
annual application is required. If the gross household income for any calendar year exceeds the qualification amount
specified, the applicant shall notify the county assessor, and the exemption will not be allowed for the applicable year.
(Ref. 68 O.S. Section 2890; 2890.1)
Definitions
“Head-of-household” is defined in 68 O.S. §2890 as “a person who as owner or joint owner maintains a home and furnish-
es his own support for said home, furnishings, and other material necessities.”
“Gross household income” is defined in 68 O.S. §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,
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; and excluding gifts.
Part II, III, IV of this form is to be completed by the county assessor.
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