Bill > HB3565

This bill amends existing law regarding homestead exemptions from ad valorem taxation, which are property taxes levied on real estate. Specifically, it introduces a provision for an increased homestead exemption for homeowners whose gross household income is no more than triple the state's median gross household income. This increase, which will be applied for two years starting January 1, 2027, will be equal to the amount by which the homestead's fair cash value, or its market value, increases from the previous tax year. If a homeowner's income later exceeds this threshold, their total exemption amount will remain at the level they last qualified for, and if the homestead's value decreases, the exemption will revert to the previous year's amount. The county assessor will be responsible for calculating these annual changes in fair cash value and adjusting the exemption accordingly.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb3565&Session=2600