Basic tips for homeowners
FAQ: Basic Tips For Homeowners
General Questions & Answers About Oklahoma City Real Estate
Q: Why should I file for "homestead exemption?
You'll save on property taxes. The homestead exemption of $1,000 assessed valuation reduces the real property tax by the amount of the mileage levy. This can be from $75 to $125 depending on your area of the county.
You'll need (1) a copy of your deed (the original is not required) and (2) a copy of the settlement statement you received at closing.
To qualify, you must reside in the home. You file for this exemption only one time per property and you can now file any time of year. If you sell the home and purchase another, you will need to re file. For Homestead Exemption filing locations, call the County Courthouse 405-278-1235.
Homestead exemption applications are accepted year round, but must be returned to the Assessors office on or before March 15 the year in which you apply in order to receive the benefit of the exemption for that year.
Q: What exactly is a homestead exemption?
A homestead exemption is an exemption of $1,000 of the assessed valuation of the homestead property. Homestead exemption is granted to the homeowner who resides in the property on a permanent basis on January 1. The deed or other evidence of ownership must be executed on or before January 1 and filed in County Clerk's office on or before February 1.
You do not have to reapply for the exemption every year as long as you continue to occupy the homestead property. You do have to reapply if the deed is changed for some reason such as sale, divorce, etc. Remember that if the deed changes you will need to reapply no later than March 15 the following year in order to retain your exemption.
If you have any questions that deal with the assessment of property in Oklahoma County contact the Oklahoma County Assessor, 320 Robert S. Kerr Avenue, Room 313, Oklahoma City, OK 73102. The office is open between 8:00 a.m. and 4:45 p.m. Monday through Friday. Phone is 405-713-1236.
Q: How do I apply for a homestead exemption?
Applications can be obtained in several ways:
- Apply in person at the County Assessors Office
(320 Robert S. Kerr Ave, Rm 313, Oklahoma City or 28 E. Main, Edmond)
- You can obtain applications from the field offices that are set up in January each year.
(dates, locations and office hours are published in December.)
- Online information at http://www.oklahomacounty.org/.
Q: I hate paying interest on my home. How can I "beat the bank"?
Consider paying a little extra each month on the principal of your home loan. It is almost effortless for most, and it will pay off "big" in the long run.
Be sure to pay by separate check and write the words "Payment on Principal only" on the check.
Here is a quick example of how much a small extra payment can mean.
On a 25 year mortgage of $75,000 at 10% interest, a monthly principal + interest payment is $658.18.
Paying just $25 extra on the principal each month means you will pay off the loan 5 years sooner.
And ... at a savings of $34,163 in interest.
Just remember that if you have a fixed-rate mortgage, your monthly payment won't go down if you pay extra on the principal. Instead, you're building up equity faster, paying off your debt faster, and potentially saving a lot of money.
Q: What should I do about protection from "natural disasters"?
You should review your homeowner insurance policy with your Realtor. Be sure to ask about "disaster" protection of all sorts (fire, water, etc.).
Review areas such as deductibles, amount of coverage for the dwelling, personal property, and continued living expense (in the event your house cannot be lived in). You may want to know whether you have coverage for rising water as well as wind-driven water.
Weigh the cost factors with your Realtor.
Q: What are some simple procedures for protecting my home from "other disasters"?
Did you know that water from broken washing machine hoses is a leading cause of household damage in the U.S. and Canada, second only to loss caused by fire?
Suggestions to protect your home include:
Replacing washing machine hoses every two years
Checking for proper connections if you move your washing machine to a new location
Keeping your washing machine at least 4 inches from the wall to help prevent hose kinking
Checking and replacing your smoke alarm batteries
Using a carbon monoxide detector
Making sure your heating & cooling systems and your fireplace get annual inspections
Using surge protectors on all major appliances and each TV
Q: Is it really worth it to have your fireplace professionally cleaned each year?
Yes! According to the Consumer Product Safety Commission, in 1993 about 14,000 home fires were blamed on chimneys.
The buildup of creosote (formed by the unburned waste products of wood fires) is the main problem. It is corrosive to mortar joints in the chimney. It can ignite and burn the inside of your chimney, causing cracks in the flue. A creosote chimney fire can make a flue or chimney so hot they ignite the wood in your home and cause a house fire. A build-up of a layer of 1/8th of an inch of creosote is dangerous.
Q: With cracks in the driveway, does that mean there are cracks in the slab of the actual house?
Not necessarily. They are two separate structures.
A structural engineer will look inside the home for corresponding cracks on the opposite side of the room. If the settling of the house's slab is too severe, the engineer will recommend either drilling down to bedrock and pouring concrete piers under the slab or installing steel piers to support the foundation.
Count on spending about $400 for each pier. Remember, a cracked driveway may just be a cracked driveway.
Q: What can I do to lessen the probability of a "cracked slab"?
Make sure rainwater is draining away from the house. In long dry spells, you should water around the outside perimeter of your home to keep the soil from shrinking away from the foundation.
Q: Any ideas on "how to beat the heat"?
Several! You might add an awning. It can lower a home's interior temperature by 15 degrees and reduce air conditioning bills by 10% - 32%. Also, consider planting a few trees: just 3 trees planted around a house can cut cooling (and heating) bills by 10% - 50%. Install a ceiling fan and the room's temperature set to 79 degrees will feel more like 72 degrees.
Q: Can you give me any information about "typical return on home projects" investments?
Here are some ballpark figures:
Minor kitchen remodel - 101%
Major kitchen remodel - 93%
Bath addition - 92%
Family room addition - 86%
Bath remodel - 85%
Converting attic to bedroom - 84%
Outdoor deck - 77%
Sun space addition - 71%
Window replacement - 71%
Siding - 67%
Title Insurance Could Save You Plenty
You ask, what is the "title" to your home? Simply put, it's the information kept by the court house including ownership and a legal description of the property itself.
Without a "title insurance policy", a buyer may not be fully protected against errors in public records, hidden defects not disclosed by the public records, or mistakes in examination of the title to the new property. As a result, the buyer may be held fully accountable for any prior liens, judgments, or claims.
A title policy insures that if such an occasion arises, the buyer will be defended free of charge against all covered title claims and paid up to the amount of the policy to settle valid claims.
Alice Dahlgren's AtHome Newsletter
