How to apply for Oklahoma senior property valuation freeze and additional homestead exemption (Form 994)

Who it's for

Oklahoma homeowners who are 65 or older can freeze the taxable value of their home, called a property valuation limitation. The frozen value keeps your home's assessed value from going up in later years, though new additions to the home can raise it. You must be 65 or older as of January 1, own and live in the home on January 1, and have a homestead exemption. Gross household income must not exceed a limit set by the U.S. Department of Housing and Urban Development (HUD) for your county. The limit is different for each county and changes each year, so ask your county assessor for the exact amount. The same form also applies for the Additional Homestead Exemption, which has a household income limit of $30,000 in every county. Apply at your county assessor's office by March 15, or within 30 days after you get a notice that your home's value went up, whichever is later.

What you'll need

• Form 994, Application for Property Valuation Limitation and Additional Homestead Exemption
• Proof of the gross income of everyone living in the home for the last calendar year

Where to apply

Renewals

one-time for the freeze if you keep qualifying; tell the assessor if income goes over the limit