HB3308

Oklahoma HB3308 creates a 100% exemption from ad valorem taxation for qualified homesteads starting in tax year 2027.

Oklahoma HB3308 introduces a new law exempting all qualified homesteads from ad valorem taxation starting in tax year 2027. This exemption covers 100% of the full assessed value of the homestead and supersedes any lesser exemptions. The exemption does not apply to taxes for the payment of principal or interest on bonded indebtedness incurred before December 31, 2026. The Oklahoma Tax Commission must create rules and forms to implement this exemption by December 31, 2026, and county assessors are required to apply the exemption automatically to qualifying properties.