Advice

File for Homestead Exemption

Couple looking at paperwork - file for your homestead exemption to save money on your property taxes

What is homestead exemption?

The Oklahoma Homestead Law protects your primary residence from forced sale by creditors. This means a creditor cannot force its sale unless to satisfy a mortgage, mechanic’s lien or unpaid taxes. 

It also means any contract, deed or mortgage must be signed by both spouses if it affects the homestead. Some have said the homestead law prevents a spouse from losing their primary residence in a poker game. Declaring your primary residence a homestead in Oklahoma requires both spouses to sign the deed to sell.

What’s the benefit of homestead exemption?

Homestead Exemption reduces the assessed valuation of your home by $1,000. Having the exemption can net you a savings of $80 to $125 a year on your property taxes! That’ll fund a two-Starbucks-a-month habit.

How do I qualify?

Happy couple with dog moving to a new homeYou must be the homeowner who resides in the property on January 1. The deed must be executed on or before January 1 and filed with the county clerk’s office on or before February 1. If you close on your home after January 1, go ahead and file for exemption—applications are taken throughout the year. If the previous owner had homestead exemption, you’ll just continue with that. If they didn’t, you’ll receive an exemption the following year.

Applications received after March 15 will be credited to the following year. You do not have to apply each year if your ownership or residence does not change. 

How do I apply?

Click on the box below to complete, print and take the application to the county assessor’s office.

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