Bill > SB823

This bill modifies Oklahoma's ad valorem (property) tax laws to expand homestead exemption eligibility and increase the exemption amount. Specifically, the bill allows owners of manufactured homes located on land they do not own to apply for homestead exemption, provided the manufactured home is their actual residence and meets other homestead requirements. The bill also changes the homestead exemption from a fixed $1,000 exemption to a "full amount" exemption, which effectively eliminates property taxes for qualifying homesteads. Additionally, the bill clarifies that a homestead can include both manufactured homes and fixed structures located on land not owned by the homeowner. The changes will apply to both urban and rural homesteads, and the bill is set to take effect on November 1, 2025. These modifications aim to provide broader property tax relief and more flexible homestead classification for Oklahoma residents, particularly those living in manufactured homes or on land they do not own.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb823&Session=2600