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Homestead Exemption in Oklahoma
The Ad Valorem Code enacted by the Oklahoma State Legislature provides that a person owning his personal residence can receive a homestead exemption for that property. In order to receive this exemption, the property owner must file an application with the county assessor on or before March 15th of the year in which they wish to begin the exemption. The property owner must be the owner of record in the county clerk's office on January 1 of that year.
As long as the property owner continues to occupy the property as a homestead, they shall not be required to reapply for such homestead exemption.
This exemption will provide a small reduction in the assessed valuation of the property, thereby creating a corresponding reduction in the ad valorem taxes on the property. For details on the exact amount and the application procedure, the property owner should check with their local county assessor's office.