Bill > SB1987

This bill modifies the homestead exemption, which is a tax break for homeowners on their primary residence, by increasing the amount of assessed valuation that is exempt from ad valorem taxes, which are taxes based on the value of property. Specifically, for tax years 1988 through 2026, the exemption remains at $1,000, but starting in tax year 2027, the exemption will increase to $2,000. Furthermore, for tax year 2027 and beyond, an additional $3,000 exemption will be available if two conditions are met: first, the county excise board certifies that ad valorem revenue collections in the prior tax year increased by at least 5% compared to the year before, and second, the board of county commissioners approves this additional exemption. This act is set to become effective on November 1, 2026.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1987&Session=2600