OTC Form 988-S Application for Ad Valorem Tax Exemption for Nonprofit Schools and Colleges - Oklahoma

What Is OTC Form 988-S?

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 988-S?
A: OTC Form 988-S is the Application for Ad Valorem Tax Exemption for Nonprofit Schools and Colleges in Oklahoma.

Q: Who can use OTC Form 988-S?
A: Nonprofit schools and colleges in Oklahoma can use OTC Form 988-S to apply for ad valorem tax exemption.

Q: What is ad valorem tax?
A: Ad valorem tax is a tax based on the value of real property, such as land and buildings.

Q: What are the requirements for ad valorem tax exemption?
A: Nonprofit schools and colleges must meet certain criteria, such as being organized and operated for educational purposes and not engaged in profit-making activities.

Q: Are there any filing fees for OTC Form 988-S?
A: No, there are no filing fees for OTC Form 988-S.

Q: When should I file OTC Form 988-S?
A: OTC Form 988-S should be filed annually on or before March 15th.

Q: What documents should be included with OTC Form 988-S?
A: The application should be accompanied by a copy of the school or college's federal tax exemption letter and a copy of the current title opinion or warranty deed.

Q: What happens after filing OTC Form 988-S?
A: The OTC will review the application and notify the school or college of its determination regarding the ad valorem tax exemption.

Q: Can I appeal if my application for ad valorem tax exemption is denied?
A: Yes, you can appeal the OTC's decision within 30 days of receiving the denial notice.