HB3565

Oklahoma HB3565 increases the homestead exemption for ad valorem taxation by $1,000 annually for eligible homeowners.

Oklahoma HB3565 amends the homestead exemption for ad valorem taxation by increasing it by $1,000 annually for eligible homeowners. The increase applies only if the income threshold is met. If the fair cash value of the homestead decreases, the exemption amount remains unchanged until the next year the income threshold is met. The county assessor is required to calculate the change in fair cash value annually. This act becomes effective January 1, 2027.