The homestead exemption described by 710:10-9-9 shall be calculated as follows:
- (1) The land is valued at fair cash value;
- (2) The county assessor's current fractional assessment percentage is applied to the fair cash value of the land to obtain the assessment;
- (3) The one-thousand dollar ($1,000) homestead exemption is deducted from the assessment of the land and the manufactured home; and
- (4) Any excess homestead exemption value cannot be applied to the manufactured home if the manufactured home is assessed as personal property.
Amended at 12 Ok Reg 2603, eff 6-26-95
Amended at 19 Ok Reg 1205, eff 5-11-02