Bill > HB3569

This bill, effective January 1, 2027, amends existing law regarding the homestead exemption, which is a reduction in property taxes for a homeowner's primary residence. For tax years beginning in 2028 and the following two years, homeowners whose total household income is at or below three times the state's median household income (as determined by the U.S. Census Bureau) will see their homestead exemption increase. The new exemption amount will be calculated by adding the previous year's exemption, any increase in the home's fair cash value (its market value) from the prior year, and an additional twenty percent of the current year's fair cash value. If a homeowner's income exceeds this threshold, their exemption will remain the same as the previous year. For new homeowners eligible for the exemption, it will be the standard amount plus twenty percent of the current fair cash value. Importantly, if the fair cash value of a homestead decreases, the exemption amount will not be reduced and will remain the same as the prior year.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb3569&Session=2600