Bill > HB3135

This bill modifies existing Oklahoma law regarding homestead exemptions from ad valorem taxation, which are taxes based on the assessed value of property. Specifically, it increases the standard homestead exemption from $1,000 to $2,000 of assessed valuation. Furthermore, it introduces an additional exemption of $3,000 of assessed valuation, but this extra exemption is contingent upon two conditions being met starting in the 2027 tax year: first, the county excise board must certify that the current year's ad valorem revenue collections have increased by at least 5% compared to the previous year, and second, the board of county commissioners must approve this additional exemption. The bill also specifies an effective date of January 1, 2027.

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb3135&Session=2600