Thursday, May 17, 2012

Ad Valorem Tax Law Change

SB1449 was signed into law today. It provides that any person 62 years or older, who is the head of a household, a resident, and domiciled in Oklahoma the entire preceding year and resides in a manufactured home on land not owned by the owner of the manufactured home will receive a $2,000.00 ad valorem tax exemption if the person’s gross income does not exceed the greater of $22,000.00 or 50% of the amount determined by the United States Department of Housing and Urban development to be the estimated median income for the preceding year for the county or metropolitan statistical area which includes the county in which the claimant’s property is located.
In 2011 there were 313 manufactured homes qualifying for the tax exemption. Census data indicated that an additional 54 persons will qualify for the personal tax exemption.

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