Ad Valorem Exemptions (Property Tax Exemptions)

Oklahoma provides partial or full exemptions from ad valorem taxes (property taxes) for various categories of homeowners:

• All homesteads (a person’s primary residence) are exempted $1,000 of the assessed value.
• Households with gross income under $30,000 for the prior calendar year are entitled to an additional $1,000 homestead exemption. The limit was raised from $20,000 as of January 2024. 
• Property values are frozen for seniors whose gross household income is at or below the median of their county or metropolitan area (SQ 714). In July 2022, three Republican House members announced an initiative petition (SQ 822) that would have frozen property values for all seniors regardless of income; however, signatures were not submitted by the deadline.
• Seniors with income below $12,000 may claim a credit against income tax in the amount that their property tax exceeds 1 percent of total income, up to $200.
• Seniors with income under $10,000 who reside in manufactured homes are allowed a $2,000 exemption.
• An honorably discharged veteran who is 100 percent disabled, or a surviving spouse of a veteran killed while in active duty, is fully exempted from ad valorem taxes for his or her homestead (SQ 715).