Valuation Notices Mailed March 2
Each year, the county assessor is required by law to mail a Notice of Increase in Valuation of Real, Commercial and Personal Property to those whose property has increased in value. This year, the Logan County Assessor’s office mailed notices March 2. The notice is NOT a tax bill. It is information which provides you an opportunity to review the assessed value of your property and to contact the assessor’s office if you have questions.
We do not mail notices if values remain the same or are lowered.
Some reasons for a valuation increase commonly include the following:
- Overall market values for properties in your area increased
- There was new construction on the property
- The property changed ownership and the previous owner’s exemptions or “cap” were removed as a result of the sale
- Field appraisers performing visual inspection observed real property undervalued or not previously placed on the assessment roll
As a taxpayer, if you disagree with the value placed on your property, you have an opportunity to appeal. This appeal must be made within thirty (30) days of the mailing date of the notice.
Appeals must be submitted on Oklahoma Tax Commission (OTC) Form 974. This form is available from the assessor’s office or can be downloaded from the website under “Forms.”
Please provide documentation supporting your appeal at the time of the informal hearing.
The complete appeals process is described on the Notice of Increase in Valuation.
Exemptions Offset Valuation Increases
Click on the “Important Dates” link on this website to access information about exemptions which may lower your taxes and help offset any increase in valuation.
The example below illustrates the change in valuation process and how filing for Homestead Exemption can decrease your tax bill.
The example above indicates the current year’s fair cash value on a home increased from $261,632 to $288,893. Because this property did not have Homestead Exemption, it was subject to a 5% increase. A new improvement, a fence, valued at $500, was added to the assessment. This brought the current year’s taxable value to $275,213. The formula is as follows:
$261,632 x 5% = $13,082
Now add the 5% increase and the $500 improvement:
$261,632 + $13,081 + $500 = $275,213
The taxable value for the 5% increase is $275,213
Had the homeowner filed for Homestead Exemption, the preceding year’s amount of $261,632 would have increased by only 3%. The formula would be:
$261,632 x 3% = $7,849
$261,632 + $7,849 + $500 new improvements = $269,981.
The taxable value for the 3% increase would have been $269,981.
As always, if you have questions, feel free to contact the assessor’s office at 405.282.3509. I and my staff are happy to do our best to respond to your inquiries and to assist you in completing any exemption applications.
Posted February 27, 2015