Bill > HB3564

This bill amends existing law regarding homestead exemptions from ad valorem taxation, which are taxes based on the assessed value of property. Specifically, it introduces a provision for an increased homestead exemption for homeowners aged sixty-five or older whose gross household income is at or below triple the state's median gross household income. The amount of this increased exemption will be equal to the rise in the homestead's fair cash value (its market value) compared to the previous tax year. If a homeowner's income later exceeds this threshold, their total exemption amount will remain the same as the previous year until they again meet the income requirement, and if the property's value decreases, the exemption will be the same as the preceding year. The county assessor will be responsible for calculating these annual adjustments to the homestead exemption based on changes in fair cash value. This expanded exemption will take effect on January 1, 2027.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb3564&Session=2600