Otc 988 2025

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The document is an application form for ad valorem tax exemption for charitable and nonprofit entities in Oklahoma. It outlines the eligibility criteria, required documentation, and information needed from the applying organization to qualify for tax exemption. The form includes sections for identifying the organization, detailing property usage, and providing financial information, along with an affidavit for verification.

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What is the ad valorem exemption in Oklahoma?

Oklahoma provides partial or full exemptions from ad valorem taxes for various categories of homeowners. All homesteads (a persons primary residence) are exempted $1,000 of the assessed value. Households with gross income under $20,000 are entitled to an additional $1,000 homestead exemption.

Do you have to pay ad valorem tax?

Ad valorem taxes can come in various forms but theyre all based on the concept that you pay a certain amount of tax based on an assessed value and a tax rate. Youll most likely face ad valorem taxes as property tax if you own a home or as car registration fees.

What is exempt from ad valorem taxation?

These exempt properties generally include property owned by nonprofit entities, religious organizations, and governments. Also, some states and local governments will give exemptions for certain groups. For example, if a homestead exemption exists, a property owner will not pay taxes on their primary home.

Do non-profits pay property tax in Oklahoma?

Properties of fraternal, religious and charitable institutions may be entitled to ad valorem tax exemptions on all or part of their property pursuant to Art. 10, 6 Oklahoma Constitution and Oklahoma Statute Title 68 2887.

What is the 5 year ad valorem tax exemption in Oklahoma?

The Oklahoma Five-Year Ad Valorem Tax Exemption offers a full property tax exemption for manufacturing and RD facilities in Oklahoma on new, expanded, or acquired facilities. The program is designed to stimulate capital investment and job creation across the state.

What is ad valorem tax in Oklahoma?

Ad Valorem tax is a property tax based on the value of the property. For example, the property tax on a vacant lot valued at $10,000 is usually ten times as much as one valued at $1,000 if located in the same taxing jurisdiction. In Oklahoma, property taxes are local taxes.

Otc 988 2025

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