{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-886","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-886","heading":"Residences qualifying for tax exemption - Application -","body":"Limit on amount.\n\nA. Upon creation of a housing reinvestment district pursuant to\n\nthe provisions of Section 5 of this act, there shall be granted\n\nexemptions from ad valorem taxes upon property that qualifies for a\n\nhomestead exemption as follows:\n\n1. A newly constructed residence located on a parcel upon which\n\na residence has not previously been located within a ten-year period\n\nimmediately preceding the date of the commencement of construction\n\nshall be exempt from ad valorem taxes for a period of two (2) tax\n\nyears, beginning with the tax year the property first qualifies for\n\na homestead exemption, to the extent of the ad valorem taxes upon\n\nthe parcel of property upon which the residence is located\n\nattributable to the difference in the fair market value of such\n\nparcel in such tax year compared to the fair market value of such\n\nparcel in the tax year in which construction of the residence\n\ncommenced;\n\n2. A newly constructed residence located on a parcel upon which\n\na residence was previously located within a ten-year period\n\nimmediately preceding the date of the commencement of construction\n\nshall be exempt from ad valorem taxes for a period of three (3) tax\n\nyears, beginning with the tax year the property first qualifies for\n\na homestead exemption, to the extent of the ad valorem taxes upon\n\nthe parcel of property upon which the residence is located\n\nattributable to the difference in fair market value of such parcel\n\nin such tax year compared to the fair market value of such parcel in\n\nthe tax year in which construction of the residence commenced; and\n\n3. A residence to which an improvement, as defined in Section\n\n2802.1 of Title 68 of the Oklahoma Statutes, has been made, in an\n\namount which increases the fair cash value of the property by not\n\nless than Twenty Thousand Dollars ($20,000.00) as determined by the\n\ncounty assessor, shall be exempt from ad valorem taxes for a period\n\nof five (5) tax years, beginning with the first full tax year\n\nfollowing completion of the improvement, to the extent of the amount\n\nof ad valorem taxes attributable to the value of the improvement.\n\nFor purposes of this section, a “newly constructed residence”\n\nshall mean a dwelling for which construction was commenced after the\n\ncreation of the housing reinvestment district in which the dwelling\n\nis located.\n\nB. The owner of any property qualifying for an exemption as\n\nprovided in subsection A of this section shall apply to the county\n\nassessor on or before March 15 of the first tax year for which the\n\nexemption is sought for the granting of such exemption. Such\n\nexemption shall not be granted unless the property owner is in\n\ncompliance with all ad valorem tax laws of this state. If the\n\nproperty owner ceases to be in compliance with all ad valorem tax\n\nlaws of this state during the period of the exemption, the exemption\n\nshall be disallowed.\n\nC. An exemption from ad valorem taxes in any area included\n\nwithin the boundaries of an enterprise area, a historic preservation\n\narea or a reinvestment area as such terms are defined in Section 853\n\nof Title 62 of the Oklahoma Statutes, or in a rural housing\n\nincentive district established in accordance with the Oklahoma Rural\n\nHousing Incentive District Act, in which ad valorem tax revenues or\n\nother local tax revenues, or any increment or portion thereof, are\n\napportioned or allocated for the repayment of bonds pursuant to the\n\nLocal Development Act or the Oklahoma Rural Housing Incentive\n\nDistrict Act, shall be limited to the amount of ad valorem taxes not\n\nso apportioned or allocated.","path":["OK Code","Title 62"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os62.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"60909bddc6b2e5182268f72ec6b66b1f46c0f830c3c12109bf8c6d0da579a409","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-885","next":"us-ok/okla.-stat.-tit.-62-62-887"},"notice":"GroundRules: Original legal text. Not legal advice."}