Bill > HB1198

This bill modifies the definition of "gross household income" for the purpose of an additional homestead property tax exemption in Oklahoma. Currently, homeowners with a gross household income not exceeding $30,000 are eligible for a $1,000 additional exemption on their property's assessed value. The key change is replacing the existing complex definition of gross household income (which previously included various types of income and specific exclusions) with the simpler term "federal adjusted gross income". The bill maintains the existing $30,000 income threshold and continues to allow heads of households (defined as individuals who maintain and support a home) to apply for the exemption. For homeowners aged 65 or older who have previously qualified, an annual application is no longer required, though they must still notify the county assessor if their income exceeds the threshold. The bill will become effective on November 1, 2025, which simplifies the process of calculating household income for the additional homestead exemption by aligning it with federal tax reporting standards.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1198&Session=2600