Jennifer Pierce, News 9
OKLAHOMA CITY – The Oklahoma County Tax Assessor's Office is trying to educate seniors about property tax breaks that could save them hundreds of dollars each year.
Residents 65 years and older, making less than $59,000 per year, are eligible for an assessment freeze. It freezes the value of your home and property taxes will not increase, unless there is a bond issue passed.
Another way to save money is by applying for Homestead Exemption, which lowers your property tax bill by exempting the first $1,000 of the assessed value of your home. Larry Stein with the Oklahoma County Assessor's Office said he's surprised by how few people take advantage of the exemption.
"File it. It's your right," said Stein. "And you ought to do it because in Oklahoma County, you can save about 105 bucks. Depending on where you live, it could be $134."
Paperwork from the Oklahoma County Assessor's Office went out to homeowners last week. For the property tax savings to go into effect for 2011, residents must file the application by March 15th.