Revenue and taxation; ad valorem; exemption; homestead; effective date.

Summary

The bill phases in a homestead property tax exemption, starting at one‑third in 2027, two‑thirds in 2028, and full exemption beginning in 2029. It applies to every qualifying homestead in Oklahoma and replaces any smaller exemption currently in place, except for taxes used to pay off bonded debt incurred before the end of 2026. The change aims to reduce homeowners’ tax burden while preserving revenue for existing bonded obligations.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share