Bill > HB3308

This bill establishes a new homestead exemption from ad valorem taxation, which is a tax based on the assessed value of property, for Oklahoma residents starting with the 2027 tax year. The exemption will be phased in, starting at 33 1/3% of the homestead's full assessed value in 2027, increasing to 66 2/3% in 2028, and reaching 100% in 2029 and all years thereafter. This new exemption will be the greater of any existing homestead exemption or the one provided by this bill, and it will apply equally to all qualifying homesteads, superseding any smaller exemptions previously in place. However, this exemption will not apply to ad valorem taxes used to pay off any bonded debt incurred by local government entities before December 31, 2026. The Oklahoma Tax Commission is directed to create the necessary rules and forms by December 31, 2026, and county assessors will automatically apply the exemption to properties already receiving the homestead exemption. The act will take effect on January 1, 2027.

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb3308&Session=2600