Housing Cost Increase and Taxes

SlugSlinger said:

Luckily, there are limits to the allowable tax increases. This helps with temporary or artificial changes in property values. However, you must be diligent when property values drop to take advantage of the laws. I filed an appeal a couple years ago on my property value. I had my taxable market value decreased by $40,000 based on a couple houses that sold below the fair market value in my neighborhood.

The property value changes are based on arm's length transactions on comparable homes sold in your area.

There is an assessed market value and an assessed taxable market value. Market value can show unlimited changes. Taxable market value can only increase based on 3% or 5% as shown below.

If you have a homestead exemption, there is a 3% limit of an increase to the assessed value. Everyone should have a homestead exemption. It lowers the assessed value of your primary home by $1,000 and you benefit from the 3% limit.

If you don't have a homestead exemption, the limit for increases is 5%.

"Despite any provision to the contrary, on and after January 1, 2013, the fair cash value of any parcel of locally assessed real property shall not increase by more than 5% in any taxable year; provided, if such property qualified for a homestead exemption or is classified as agricultural land, any increase to the fair cash value of such locally assessed real property in a taxable year shall be limited to 3%."

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SlugSlinger said:

I found this related to your question.


Cleveland County residents can now file for Homestead Exemption year round, but for those who want to save on the coming year’s taxes, the filing deadline is March 15. In addition, the period is currently open to file for special exemptions including Double Homestead, Senior Freeze and the Disabled Veteran’s Exemption.

Filing for those special exemptions runs from Jan. 1 through March 15.

“If you file for Homestead prior to March 15, you get it for that year,” said Cleveland County Assessor David Tinsley. “If you file on March 16, you have that year to file for the next year.”


Here’s some additional information.

https://clevelandcountyok.com/353/Homestead-Exemption

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SlugSlinger said:

I found this related to your question.


Cleveland County residents can now file for Homestead Exemption year round, but for those who want to save on the coming year’s taxes, the filing deadline is March 15. In addition, the period is currently open to file for special exemptions including Double Homestead, Senior Freeze and the Disabled Veteran’s Exemption.

Filing for those special exemptions runs from Jan. 1 through March 15.

“If you file for Homestead prior to March 15, you get it for that year,” said Cleveland County Assessor David Tinsley. “If you file on March 16, you have that year to file for the next year.”


Here’s some additional information.

https://clevelandcountyok.com/353/Homestead-Exemption

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GC7 said:

I just received a notice from Cleveland County that my property taxes are going up 5%. I plan to file a Homestead Exemption right away since I have 30 days to do it per state law.

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John6185 said:

Housing increases in cost=higher taxes. A higher priced home costs more to insure. My insurance costs over $3,000 per year with earthquake coverage. Then there is the HOA that rears it's ugly head. Do you know what they call a room full of Karens? An HOA!

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swampratt said:

Yep $980 a year for insurance on a 980 sq ft home in Moore that was built in the 60's.
Homes in Yukon built in the mid 70's 1550sq ft and a 1800+ home cost around 2K each for a year.

Insurance is stupid high and taxes are about the same..Takes over 10K a year to pay taxes and insurance on 3 houses.

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