SB1251: New Law Gives Refund of Property Taxes to Oklahoma Families

Who qualifies and how to apply

This article was written with the assistance of ai software*

Photo byninjason

Oklahoma wants to give you a refund

SB1251 is a new proposed law making its way through the legislative process. The proposal would give refunds of property taxes to low income property owners.

The proposed bill states that if you are:
💥 65 years old or older or
💥you are completely disabled, and
💥you are the main person in your home, and
💥you have lived in Oklahoma for the whole previous year, and
💥your total household income is less than $12,000 for years up to 2023, or less than $23,000 for years starting in 2024, you can apply to get help paying your property taxes.

This means if you meet all these conditions and you paid property taxes on your home last year, you can ask for some of that money back to help you with your taxes. But you can only do this once a year.

Who will benefit from this law?

This law will benefit:

✔️Elderly Individuals: Those who are 65 years old or older can benefit from reduced property tax burdens, helping them to manage their expenses on a fixed income in their retirement years.

✔️Disabled Individuals: People who are totally disabled and meet the other criteria will also receive property tax relief, easing their financial burden.

Should you have concerns over this new law?

While the intent of this law is to provide relief to elderly, disabled, and low-income individuals, there could be potential downsides:

⚠️Budget Constraints: Providing tax relief may strain local government budgets, potentially affecting funding for essential services such as education, infrastructure, and public safety.

⚠️Impact on Tax Revenue: Reduced property tax revenue could lead to budget shortfalls, forcing local governments to find alternative sources of revenue or make cuts to services.

⚠️Limited Coverage: The eligibility criteria may exclude individuals who are not the head of their household or those whose income slightly exceeds the specified thresholds, leaving some in need without assistance.

⚠️Administrative Burden: Processing claims for property tax relief may place an administrative burden on government agencies, potentially leading to delays or errors in processing applications.

⚠️Potential for Abuse: There is a risk of individuals fraudulently claiming property tax relief if proper oversight and verification processes are not in place.

⚠️Impact on Other Taxpayers: The burden of funding tax relief programs may shift to other taxpayers if local governments need to raise taxes or cut services to compensate for reduced revenue.

How can you apply for the refund?

If the bill is passed, follow these steps to get a refund:

➡️Check Eligibility: Ensure that you meet all the eligibility criteria outlined in the law, including age, disability status, income level, and residency requirements.

➡️Gather Documentation: Collect necessary documents to support your application, such as proof of age, disability status, residency, and income level. This may include identification documents, tax returns, and proof of property ownership.

➡️Complete Application Form: Obtain the application form for property tax relief from the relevant government agency, usually the local tax assessor's office or department of revenue. Fill out the form completely and accurately, providing all required information and supporting documentation.

➡️Submit Application: Submit the completed application form and supporting documents to the appropriate government agency by the specified deadline. Make sure to follow any instructions regarding submission methods and required documentation.

➡️Wait for Processing: Allow time for the government agency to review and process your application. This may take several weeks or months depending on the agency's workload and processing timelines.

➡️Receive Reimbursement: Once your application is approved, you will receive reimbursement for the property tax relief you are eligible for. This may be in the form of a refund check or a credit applied to your property tax bill for the following year.

➡️Renew Application Annually: If you wish to continue receiving property tax relief, you will need to renew your application annually, providing updated information as necessary.

This bill is still working its way through the legislative process and if signed, will go into effect November 1, 2024.

➡️Is this something that you think Oklahomans need? Will it benefit the county you live in?

*********************************************
Hi, I'm Judy! I love talking about the area I live in and what affects us. Follow me if you'd like more stories like this.