This version of the form is not currently in use and is provided for reference only. Download this version of OTC Form 987 for the current year.
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.
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.
Form Details:
Download a fillable version of OTC Form 987 by clicking the link below or browse more documents and templates provided by the Oklahoma Tax Commission.