Bill > SB818

This bill modifies the additional homestead exemption for property tax (ad valorem tax) by increasing the exemption amount from $1,000 to $3,000 and raising the gross household income limit from $30,000 to $40,000. The bill also lowers the age requirement for automatic annual exemption from 65 to 60 years old. "Gross household income" is comprehensively defined to include nearly all types of income from all household members, with specific exclusions for veterans' disability compensation and COVID-19 related federal stimulus payments. Homeowners must still apply for the exemption annually by March 15 or within 30 days of receiving a valuation increase, certifying their income on a form prescribed by the Oklahoma Tax Commission. For qualifying individuals 60 and older who have previously received the exemption, an annual application will no longer be required, though they must still notify the county assessor if their income exceeds the specified limit. The bill will become effective on November 1, 2025, providing property owners with a more generous homestead tax exemption.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb818&Session=2600