OTC Form 987 Application for Ad Valorem Tax Exemption for Religious Entities - Oklahoma

What Is OTC Form 987?

This is a legal form that was released by the Oklahoma Tax Commission - a government authority operating within Oklahoma. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is OTC Form 987?A: OTC Form 987 is the Application for Ad Valorem Tax Exemption for Religious Entities in Oklahoma.

Q: Who can use OTC Form 987?A: Religious entities in Oklahoma can use OTC Form 987 to apply for ad valorem tax exemption.

Q: What is ad valorem tax exemption?A: Ad valorem tax exemption refers to the exemption from property taxes based on the value of the property.

Q: Why would a religious entity apply for ad valorem tax exemption?A: Religious entities may apply for ad valorem tax exemption to reduce their financial burden and support their mission of serving the community.

Q: Are there any fees associated with submitting OTC Form 987?A: There are no fees associated with submitting OTC Form 987.

Q: What documents are required to be submitted with OTC Form 987?A: The specific documents required may vary, but generally applicants need to submit organizational documents, financial records, and a description of the religious activities.

Q: How long does it take to process the application for ad valorem tax exemption?A: The processing time for the application can vary, but applicants should expect a few weeks for review and approval.

Q: Is the ad valorem tax exemption permanent?A: The ad valorem tax exemption is typically granted on an ongoing basis, but religious entities may need to periodically reapply or provide updated information.

Q: Can ad valorem tax exemption be revoked?A: Yes, ad valorem tax exemption can be revoked if the religious entity no longer meets the requirements or if there are changes in the property use.