Bill > HB4496

This bill, titled "Revenue and taxation; ad valorem; homestead exemption; effective date," amends an existing Oklahoma law concerning property taxes. Specifically, it changes Section 2889 of Title 68 of the Oklahoma Statutes, which deals with the homestead exemption. The homestead exemption is a tax break that reduces the amount of property tax homeowners owe on their primary residence. Currently, this exemption allows homeowners to deduct $1,000 from the assessed valuation of their home for ad valorem taxation purposes, meaning the value of their home that is subject to property tax is reduced by that amount. This bill proposes to increase that exemption to $2,000, meaning homeowners will receive a larger reduction in their taxable property value. The bill also specifies an effective date for this change, which is November 1, 2026.

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb4496&Session=2600