Oklahoma HB3564 increases the homestead exemption for ad valorem taxation to $1,000 for homeowners aged 65 and older.
Oklahoma HB3564 amends the state's tax code to increase the homestead exemption from ad valorem taxation to $1,000 for homeowners aged 65 or older. This exemption applies only to those meeting the age requirement and does not change if the homeowner's income exceeds a certain threshold in subsequent years. The county assessor must calculate the exemption annually based on the fair cash value of the homestead. The changes will take effect on January 1, 2027.
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