SB 1449 Summary

• Modifies the manufactured home ad valorem tax exemption for seniors age 62 and older who are household heads and Oklahoma residents, effective January 1, 2013.

• For years 1990-2012: Maintains the existing $10,000 gross household income limit to qualify for a $2,000 exemption on manufactured homes located on non-owned land.

• For years after December 31, 2012: Increases the income threshold to the greater of $22,000 or 50% of the estimated median income for the county or metropolitan statistical area where the property is located, while maintaining the $2,000 exemption amount.

• Requires applicants to submit forms to county assessors by March 15 or within 30 days of receiving a valuation notice, and allows seniors age 65+ to stop submitting annual applications after initial qualification.