HB3569

Oklahoma HB3569 increases the homestead exemption for ad valorem taxation if a homeowner's income meets certain thresholds.

Oklahoma HB3569 amends the homestead exemption for ad valorem taxation. It increases the exemption for homeowners whose income is three times or less than the state median household income. The exemption amount is calculated based on the previous year's exemption, the increase in the homestead's fair cash value, and 20% of the current year's fair cash value. If the homeowner's income exceeds three times the median income, the exemption remains unchanged. The changes take effect January 1, 2027.