Bill > HB4103

This bill increases the dollar amount of the homestead exemption, which is a reduction in property taxes for homeowners, from $1,000 to $2,315 of the assessed valuation. It also provides an additional homestead exemption of the same amount for heads of households whose gross household income, meaning all income received by people living in the same household excluding gifts and certain veteran or COVID-19 related payments, is below $30,000. Importantly, both of these exemption amounts will be adjusted every five years to keep pace with inflation, as measured by the Consumer Price Index, starting in 2032. The bill also clarifies the definition of "gross household income" and "head of household" for the additional exemption and outlines the application process, including provisions for seniors who have previously qualified and for estates. This act is set to become effective on January 1, 2027.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb4103&Session=2600