The OTC 952 form, utilized by residents of Oklahoma, serves a critical role in supporting a specific demographic within the state—those who are 62 years of age or older, head-of-household, and owners of manufactured homes. This document is key to applying for a personal property tax exemption, aimed at easing the financial burden on eligible seniors. The process mandates that applicants accurately disclose their social security numbers, pertinent details about their manufactured home including the VIN and title number, as well as comprehensive income information from all household members. The form not only requires details on traditional income sources such as wages and rental income but also calls for disclosure of social security payments, veterans' disability payments, and other income types to ensure a thorough evaluation of the applicant's fiscal status. With a deadline for submission by March 15, or within a specific timeframe after receiving a valuation increase notice, the form facilitates an exemption that could alleviate up to $2,000 of the manufactured home's assessed value. To qualify, applicants must have resided in Oklahoma for the entire previous year and meet income thresholds, which compare to the greater of $22,000 or 50% of the county's median family income as determined by H.U.D. Moreover, the legislation behind this exemption underscores its aim to support elderly heads-of-households in maintaining financial stability while owning a manufactured home on leased land within Oklahoma.
| Question | Answer |
|---|---|
| Form Name | Form Otc 952 |
| Form Length | 2 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 30 sec |
| Other names | OTC, providedbythissection, ParcelID, 68O |