The Lincoln County Assessor’s office will begin taking exemption applications and personal property assessments on Thursday, Jan. 2, 2020, according to Assessor Jackie Holcomb. The annual exemption and assessment period will continue through March 15, 2020.
To make the assessment process more convenient and to serve as a reminder, the assessor’s office will mail about 10,000 pieces of mail to property owners on Tuesday, Dec. 31. Property owners can then assess in person or by mail.
Holcomb said that Oklahoma law requires that all personal property be listed and assessed each year during the Jan. 1 through March 15 assessment period. Among the property that must be listed and assessed are tractors, farm machinery, farm equipment, business inventories, business fixtures and business equipment.
The Assessor said that state law defines mobile homes located on another person’s land as personal property. Those mobile homes must also be listed and assessed every year during the assessment period.
Holcomb said that any personal property not listed before the deadline must be assessed a valuation penalty as required by law. To avoid the penalty, property owners must return the assessment papers no later than March 15.
Holcomb said that all qualified Lincoln County homeowners should file for homestead exemption in order to save from $75 to $100 on their 2020 tax bill. To qualify for homestead exemption the property owner must have owned their home and been living there on Jan. 1, 2020.
Property owners that qualify for homestead exemption may also qualify for an additional or double homestead exemption if their total gross household income for 2019 was $20,000 or less. The double homestead exemption will save an additional $75 to $100 per year.
Property owners at least 65 years of age with a gross household income of $59,800 or less in 2019 are eligible to apply for the Senior Valuation Freeze, which freezes the assessor’s valuation on the applicant’s homestead property from any increases, unless the property is improved or sold. However, Holcomb said that the tax levy on the property could change which can increase or decrease the homestead property’s tax amount.
Any person 62 years of age or older, with a gross household income of $29,900 or less in 2019, that owns and lives in a mobile home placed on someone else’s land may qualify for a personal property mobile home exemption. This exemption will save qualified taxpayers $150 to $200 on their tax bills.
Holcomb stated that 100 percent disabled veterans can apply for an exemption that eliminates all real estate taxes on the veteran’s homestead property. They must submit a letter from the Department of Veterans Affairs confirming their eligibility.
Although Oklahoma law has changed and assessors are no longer required to visit towns to meet property owners and take assessment and applications, Lincoln County will continue to do so.
In addition to continuing the county visits, the assessor’s office in the Lincoln County Courthouse is open from 8:15 a.m. until 4:30 p.m., Monday through Friday. The office will also be open 8:30 a.m. until 12 p.m., on Saturdays, March 7 and 14.