Homestead exemption; authorizing exemption for certain people with homesteads that were purchased by the Oklahoma Turnpike Authority. Effective date.

Summary

The bill creates an extra ad valorem tax exemption for people whose homes were bought by the Department of Transportation for turnpike construction or expansion. For the first three years after they claim a new homestead exemption, their tax bill will be limited to the amount they paid on the previous home. This aims to ease the financial impact of being forced to relocate.

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

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