Okla. Admin. Code § 710:10-5-6

Current through Vol. 42, No. 4, November 1, 2024

Section 710:10-5-6 - What constitutes "actual owner"

(a)Record title. In any case where a natural person is occupying a home by reason of title by warranty deed, quit claim deed, tax deed, sheriff's deed, or by similar evidence of title, the assessor and board should assume that person is the actual owner of the property. If a person owns title to the property, and it is of record on February 1st, and he is in actual possession of the property, and residing there as of January 1st, the assessor or board should not question the title or ownership of such a person. A person who purchases property under a contract of sale and the contract of sale is on record in the County Clerk's Office on February 1st, and the person has possession of and is residing on the property on January 1st, is entitled to homestead exemption. [See: Op. Att'y Gen. issued 01-19-37 and 01-19-55; Op. Att'y Gen. No. 426 (1967)]

(b)Life estate. A person owning a life estate in his residence, provided evidence of title to the residence is of record in the office of the County Clerk, and who is living there, is entitled to a homestead exemption.

(c)Title by inheritance. A person owning a home by inheritance is entitled to the exemption provided the Order of the Court determining the ownership is of record in the office of the County Clerk as of February 1st.

(d)Title in surviving spouse or minor child. The surviving spouse or minor child of a deceased person shall be considered as the record owner of the homestead where the record title was in the name of the deceased person as of January 1st and the spouse or child meets all other qualifications. [See: 58 O.S. § 311 ]

(e)Contracts for deed. Based on the provisions of 16 O.S. § 11A, a purchaser of real property, under a contract for deed, qualifies for the statutory homestead exemption from ad valorem taxes, if the following conditions are met:

(1)Bona fide purchase. The contract for deed was made for the purpose of receiving the payment of money and for the purpose of creating an immediate and continuing right to possession of the real property;

(2)Filed of record. The contract for deed is filed of record in the County Clerk's Office; and,

(3)Residency. The purchaser under the contract for deed actually resides on the property and meets all other qualification criteria. [See: Op. Att'y Gen. 199 (1987)]

Okla. Admin. Code § 710:10-5-6

Amended at 15 Ok Reg 3451, eff 7-11-98; Amended at 18 Ok Reg 2796, eff 6-25-01